ByBit suspends services for Canadian customers

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ByBit decided to leave the Canadian crypto market, following new crypto regulatory rules in the country.

ByBit is a popular crypto trade platform. In 2018, this crypto exchange was co-founded by Ben Zhou. In 2021, this exchange suspended services for American customers, following a warning by the American regulatory bodies. Recently ByBit shifted its Headquartered ta to crypto-friendly zone Dubai.

On 30 May 2023, several media reports confirmed that the ByBit crypto exchange decided to quit the Canadian crypto market citing new & tough regulatory environment to operate services.

From 31 May, no one Canadian citizen will be allowed to open new accounts on the ByBit platform and old customers have the next 30 days to close trade positions & withdraw funds from the platform.

Earlier this Binance crypto exchange decided to suspend crypto services from the Canadian crypto market citing unfavourable crypto rules. 

Canada & New Rule 

Under the new rules in Canada, all crypto companies are required to have regulatory approval from the Canadian Securities Administrators (CSA), which includes passing various due diligence checks.

However, the majority of the crypto firms opposed such strict rules but Coinbase like crypto firms appreciated the Canadian regulators for providing clear rules, unlike the US. 

Coinbase is a US-based top-regulated crypto firm but still struggling under the jurisdiction of the US because of unclear crypto rules. The country’s securities regulatory body is regulating the crypto sector with the help of existing traditional financial rules.

Read also: Tether (USDT) will set up its Bitcoin mining business in Uruguay

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