Bybit exits Canada ahead of new stricter regulations

Bybit exits Canada ahead of new stricter regulationsCredit: financefeeds

financefeeds

4 months ago

Cryptocurrency exchange Bybit today informed its Canadian users that it would cease operations and no longer be accepting new customers effective .  The industry’s giant seemingly opted to pull out of Canada,

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Bybit, a Singapore-based cryptocurrency derivatives exchange, has announced that it will be exiting the Canadian market effective immediately due to the new stricter regulations. The company said in a statement that the regulatory environment for digital asset trading in Canada has become increasingly uncertain, making it difficult for Bybit to continue operating in the country. The company added that it will continue to monitor the situation and may consider re-entering the Canadian market in the future. The move comes as Canada has recently implemented stricter regulations on digital asset trading, including the introduction of the Digital Assets Regulation Act. The new regulations require exchanges to register and comply with certain requirements, such as KYC/AML procedures, customer protection, and general governance. Bybit is the latest exchange to exit the Canadian market, following in the footsteps of other popular exchanges such as Binance, Huobi, and KuCoin.

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