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Bybit Exchange Leaves Canada

Cryptocurrency exchange Bybit has announced its exit from the Canadian market. The reason, as in the case of Binance, was the new regulatory standards in the country.

Already today, May 31, the Bybit exchange will stop registering new users from Canada. Existing users will not be able to make deposits, increase their positions and open new contracts. All open trades must be closed by September 30th.

Last year, the government of the country published new rules for crypto firms. In particular, cryptocurrency exchanges must keep user assets separate from company assets and use a third-party custodial service.

Later, the Canadian Securities Administrators Association (CSA) banned the trading of algorithmic stablecoins and added rules to distinguish between complex instruments like margin trading.

“Bybit management has made the difficult but necessary decision to suspend the availability of our products and services in Canada. The main goal of Bybit has always been to conduct business in accordance with all necessary regulatory norms and rules,” the site emphasizes in a statement.

Earlier, the Binance exchange also announced its withdrawal from Canada due to the regulatory situation in the country.

Source: Cryptocurrency

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