Dubai-based cryptocurrency exchange Bybit has decided to exit the Canadian market due to new regulatory guidelines. The company announced that it would cease new deposits and positions for existing users in Canada from July 31, but would offer users the chance to withdraw or reduce their positions. Bybit said the decision was necessary due to recent regulatory developments.
The Canadian Securities Administrators (CSA) made it mandatory for crypto firms to register their compliance with new regulatory guidelines. Bybit’s exit from Canada follows that of Binance, which withdrew from the market due to guidelines on stablecoins and investor limits.
Meanwhile, Coinbase, the largest US cryptocurrency exchange, is expanding its presence in Canada. The company is hiring more than 200 engineers to support its global product offerings. The cryptocurrency landscape in Canada is experiencing a combination of regulatory challenges and market dynamics, with Bybit and Binance’s exit reflecting the impact of new guidelines.
However, Coinbase’s expansion highlights the potential for growth and innovation in the country’s crypto market despite regulatory obstacles.
Compiled by Coinbold
