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Bybit has announced its decision to cease operations in Canada, following in the footsteps of Binance. The move comes as a result of new regulations imposed on the cryptocurrency industry in the country. Starting from May 31st, Bybit will no longer offer its products and services to Canadian users. The company cited the need to comply with the new regulations as the reason behind this difficult decision.
Canadian citizens will no longer be able to register new accounts on Bybit, and existing customers will have limited functionality on the platform from July 31st. This development follows the recent guidance issued by the Canadian Securities Administration (CSA), which classified stablecoins as securities or derivatives, leading to restrictions on crypto platforms. Binance also announced its departure from Canada, expressing its desire to collaborate with the Canadian government to establish a more favorable regulatory framework in the future. Meanwhile, Coinbase remains committed to Canada and even plans to expand its operations in the country, praising its clear regulatory approach compared to the United States.
Canadian citizens will no longer be able to register new accounts on Bybit, and existing customers will have limited functionality on the platform from July 31st. This development follows the recent guidance issued by the Canadian Securities Administration (CSA), which classified stablecoins as securities or derivatives, leading to restrictions on crypto platforms. Binance also announced its departure from Canada, expressing its desire to collaborate with the Canadian government to establish a more favorable regulatory framework in the future. Meanwhile, Coinbase remains committed to Canada and even plans to expand its operations in the country, praising its clear regulatory approach compared to the United States.