Bybit, a Dubai-headquartered cryptocurrency exchange, on Tuesday said it will exit the Canadian market and stop opening new accounts for users starting Wednesday, citing a “recent regulatory development” and joining the Binance exchange in pulling out of the country.

See related article: Binance exits Canada amid increased regulation in North America

Fast facts

  • Bybit said that it will stop taking new deposits or adding new positions for existing users in Canada starting July 31, stating that users can withdraw or reduce their positions.
  • “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,” the exchange said in the Tuesday statement.
  • Bybit’s move comes after the Canadian Securities Administrators regulatory body said in February that crypto firms planning to operate in Canada must register their compliance with a new set of regulatory guidelines.
  • Earlier this month, Binance, the world’s largest crypto exchange, also said it will pull out of Canada, as new guidance related to stablecoins and investor limits “makes the Canada market no longer tenable” for the exchange.
  • In contrast, Coinbase, the largest crypto exchange in the U.S., is expanding in Canada. In March, Coinbase said it had hired more than 200 engineers in Canada to support its global product portfolio.
  • Coinbase added: “Additionally, our global leadership team will be making frequent trips to Canada to engage with regulators, partners, and the community, to better understand the Canadian market and its unique needs.”

See related article: Coinbase opens Bermuda-based crypto derivatives exchange amid conflict with U.S. regulators