Bybit Follows Binance in Exiting Canada Due to New Regulations

[gaingt8anwh]

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.

 

[mikeshosho]

really cool info, but actually I think that new coins are more profitable, especially RADIX, invested there not very long time ago, and can say that they have pretty cool staking system and airdrops. Think about it, guys

 

[anhthanh8qun8a]

It's disappointing to see Bybit and Binance exiting the Canadian market due to new regulations. I hope that the government can find a way to balance consumer protection and innovation in the cryptocurrency industry

 

[lamtikhong91]

I understand the need for regulations to protect investors, but it's unfortunate that Canadian users will lose access to platforms like Bybit. It highlights the need for clear and comprehensive regulations that promote innovation while ensuring consumer safety

 

[wuant8anhh]

The decision by Bybit and Binance reflects the challenges faced by cryptocurrency platforms in navigating evolving regulatory landscapes. It will be interesting to see how other exchanges adapt to these changes.

 

[anhxin1874]

The classification of stablecoins as securities or derivatives by the CSA seems like a significant decision. It will be interesting to see how this impacts the broader cryptocurrency market and if other countries follow a similar approach.

 

[trangdichvuj28]

As a Canadian, I'm disappointed to see the limited options for cryptocurrency trading due to regulatory changes. I hope that the government takes a proactive approach in fostering innovation in the industry

 

[trunghai2805]

Bybit's decision to comply with the new regulations shows their commitment to operating within the legal framework. It's a responsible move, even though it may inconvenience some users

 

[hoalw92jmnj]

I hope that the Canadian government and cryptocurrency platforms can find common ground and establish regulations that support the growth of the industry while protecting investors

 

[vailain8gh8]

It's encouraging to see Coinbase's positive view of Canada's regulatory approach. This could attract more investment and talent to the country's cryptocurrency ecosystem

 

[hoavun2nf9]

The exit of Bybit and Binance from Canada highlights the global nature of the cryptocurrency market. Users will need to explore alternative platforms to continue their trading activities

 

[BashirJasper]

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.

It's really disappointing to see how Binance has been in the news for regulatory challenges in different regions like North America, South-east Asia and others. Now, adding Bybit after the collapse of FTX might be huge negative for the crypto community but the good side of it is that where others loss, other aspiring exchanges gains and I'm happy the likes of coinbase and bitget who are in the top 5 globally have not shied away from complying to regulatory frameworks across the globe.

 

[ImamShaheb]

The exit of Bybit and Binance from Canada highlights the global nature of the cryptocurrency market. Users will need to explore alternative platforms to continue their trading activities

There are still reputable exchanges likw bitget which is operating nicely till now.

 

[ImamShaheb]

It's encouraging to see Coinbase's positive view of Canada's regulatory approach. This could attract more investment and talent to the country's cryptocurrency ecosystem

Any thought about bitget!?

 

[Captainsaudi]

It's really disappointing to see how Binance has been in the news for regulatory challenges in different regions like North America, South-east Asia and others. Now, adding Bybit after the collapse of FTX might be huge negative for the crypto community but the good side of it is that where others loss, other aspiring exchanges gains and I'm happy the likes of coinbase and bitget who are in the top 5 globally have not shied away from complying to regulatory frameworks across the globe.

Is really encouraging to see other exchanges adapt to these strict regulations that have forced some exchanges out of the region. Though Binance and Bybit's impact might affect crypto adoption., the availability of these top CEX are good substitutes for them.

 

[Bestmary]

Any thought about bitget!?

Heard they still operating in the UK which is a good thing. At least there's still hope for crypto enthusiasts in that region but then again. What could be the reason why these other exchanges can't keep to the regulations

 

[ImamShaheb]

Heard they still operating in the UK which is a good thing. At least there's still hope for crypto enthusiasts in that region but then again. What could be the reason why these other exchanges can't keep to the regulations

Maybe it's related to some secrets related to their reserve or profit! It's great to witness that Bitget is still standing by the side of their users!

 

[Megamind 247]

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.

Why does it seem regulations are hard for these two platforms, I don't seem to understand. They not only declare their exit but also leave their customers with no alternative to turn to. Recently, Bybit has exited the UK just like this and is giving no alternative to the customers.

 

[TradingHubz]

Why does it seem regulations are hard for these two platforms, I don't seem to understand. They not only declare their exit but also leave their customers with no alternative to turn to. Recently, Bybit has exited the UK just like this and is giving no alternative to the customers.

It's understandable that you might be puzzled by the exit of platforms like Binance and Bybit from the UK market due to regulatory challenges. Regulatory compliance can be a complex issue, and it varies from country to country. Each platform has its own reasons for exiting specific markets, and they often revolve around ensuring they comply with local laws and regulations. While the platforms' decisions to exit the UK market are their own, users can seek alternatives like Bitget and conduct thorough research to find platforms that suit their trading needs and preferences

 

[BashirJasper]

Why does it seem regulations are hard for these two platforms, I don't seem to understand. They not only declare their exit but also leave their customers with no alternative to turn to. Recently, Bybit has exited the UK just like this and is giving no alternative to the customers.

Sometimes they claim that compliance to those regulation means killing the very soul of crypto which is decentralization but at the same time they forget that crypto finds its soul in the community and a community built on distrust is bound to fall. So, my take on regulations is that baring any dodgy regulatory policies, crypto will be a better place if these regulations can restore investors and the community confidence something I think Gracy Chen of Bitget agrees with and she's now been honoured to be part of Forbes business community.