Bybit announced on May 30 that it would be exiting the Canadian market starting May 31. The company cited “recent regulatory developments” in the country as the reason for its decision.
Bybit is not the first cryptocurrency exchange to leave Canada. In May 2023, Binance, the world’s largest cryptocurrency exchange, also pulled out of the country. The Canadian government has been cracking down on cryptocurrency exchanges in recent years, and has introduced a number of new regulations.
It is unclear what the impact of Bybit’s exit will be on the Canadian cryptocurrency market. However, it is likely that other exchanges will be watching closely to see how the Canadian government’s regulatory approach evolves.
Here are some of the recent regulatory developments in Canada that may have led to Bybit’s decision to exit the market:
- In 2021, the Canadian government introduced new regulations that require cryptocurrency exchanges to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
- In 2022, the Canadian government announced that it would be creating a new regulatory framework for cryptocurrency.
- In March 2023, the Canadian government announced that it would be launching a new task force to investigate money laundering and terrorist financing in the cryptocurrency industry.
These regulatory developments may have made it more difficult for Bybit to operate in Canada. The company may have also been concerned about the potential for future regulatory changes.
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