Representatives of Bybit noted that the main task of the company was to conduct business in accordance with the existing rules and regulations of Canada. However, after recent changes in legislation, it was decided to suspend activities in this country.
From May 31, new users will not be able to open accounts, and current users will be able to deposit and conclude new transactions until July 31. Withdrawal of funds for Bybit users will remain available.
It became known that Bybit has opened its headquarters in Dubai. Earlier, for similar reasons, the largest crypto exchange Binance stopped its activities in Canada. According to the new requirements of the law, trading platforms are required to obtain permission from the Canadian Securities Administrators (CSA) for transactions with stablecoins, as well as undergo a comprehensive audit.
Despite the withdrawal of some major players from the Canadian market, Coinbase crypto exchange continues to conduct business in this region under new laws.