The crypto exchange based out of Dubai, Bybit, announced the discontinuation of new deposits and positions for existing users in Canada from July 31, offering users the option to withdraw or reduce their positions.
Bybit said in a statement, “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,”
Bybit’s decision follows the requirement set by the Canadian Securities Administrators (CSA) for crypto firms to register their compliance with new regulatory guidelines in Canada.
Binance, the largest crypto exchange globally, announced its withdrawal from the Canadian market due to new guidelines on stablecoins and investor limits, deeming it unsustainable for their operations.
While Bybit and Binance exit Canada, Coinbase, the largest U.S. crypto exchange, expands its presence in the country by hiring over 200 engineers to bolster its global product offerings.
The cryptocurrency landscape in Canada is experiencing a mix of regulatory challenges and market dynamics, with Bybit and Binance’s exit reflecting the impact of new guidelines, while Coinbase’s expansion highlights the potential for growth and innovation in the country’s crypto market.