Bybit Follows Binance in Exiting Canada Due to New Regulations

[Isi24]

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

Bybit's farewell carries a heavy cost for UK traders. Our trust in their platform is shattered, and the inconvenience of finding a suitable alternative adds insult to injury

 

[Raymondblue]

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

Bitget and cryptocom are still operational in Canada and I don't see much difference. As a matter of fact, I never knew Bitget is a top class cex until Bybit left and having user protection fund and veriable proof of reserve makes them even more appealing to me.

 

[Raymondblue]

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

Unfortunately again, they have also exited UK due to same compliance issues. The earlier crypto exchanges realize regulation is here to stay the better otherwise those platforms having compliant issues will on the long run lose all their customers.

 

[Raymondblue]

I don't know much about other exchanges but Bitget has been very supportive and compliant to these countries regulations and have remained operational while others seem to exit.

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.