ByBit has joined the legion of crypto exchanges exiting the Canadian market in light of recent regulatory developments, according to an announcement on the company’s website. From 8 a.m. UTC on May 31, Canadian residents and citizens will no longer be able to create new accounts with the Dubai-based cryptocurrency exchange.
The company is the latest in a mass exodus of crypto exchanges from Canada due to stringent regulatory policies. Binance, dYdX, Bittrex, Gemini, and OKX have also announced their exit from the North American country for similar reasons, and the exodus is likely not over yet.
Most services to stop working on July 31, 2023
While the company will stop accepting new account registrations on May 31, existing users will still be able to use some of the company’s services for a while before the eventual shutdown. If information from the announcement is anything to go by, users should expect most services to work until July 31.
Once the services stop working, users will not be able to initialize a new contract or increase their position on any existing one. However, they’ll be able to withdraw if liquidation for the said service is available.
Features like margin trading, leverage tokens, crypto loans, and flex savings will stop being available on July 31, but will only be liquidated on September 31, 2023. Users have until then to wind down their positions and withdraw their assets from the popular cryptocurrency exchange.
ByBit receives in-principle operating approval in Kazakhstan
On the same day as its Canadian exit, ByBit announced it received in-principle approval from the AFSA to operate in Kazakhstan, a move that echoes the company’s commitment to expansion in emerging markets.
The approval isn’t a full license, but it allows ByBit to operate as a cryptocurrency exchange pending the company’s completion of the application process. ByBit sees Kazakhstan as a ‘gateway’ to the Commonwealth of Independent States (CIS), expressing delight at the prospect of serving customers in the emerging crypto hub.
Fortunately for Canadian cryptocurrency investors, the ongoing crypto exchange is not the end of the world for them, as there are several Canada-friendly exchanges still operational in the country. Coinbase, BitBuy, and Shakepay have all expressed their willingness to keep their doors open in Canada, making them excellent options for cryptocurrency traders in the country.
