Bybit Announces it is Leaving Canada
Cryptocurrency exchange Bybit has just announced that it has made the decision to leave the Canadian market, following in the footsteps of Binance.
According to the platform:
“Bybit has made the difficult but necessary decision to pause the availability of our products and services. It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada.”
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The company has said it will stop accepting account opening applications from any identified Canadian residents and existing nationals today, May 31.
The Canadian government announced back in December that new requirements for crypto companies to operate in the country were coming into effect, including keeping customer assets separate from the company’s assets and using a third-party custodian.
The government started implementing those rules amid the collapse of FTX, in which the company allegedly used customer funds to plug holes in its sister company’s balance sheet created by bad investments.