Crypto exchange Bybit exits Canadian market, following in Binance's footsteps

Cryptocurrency exchange Bybit said it will exit the Canadian market starting May 31, citing "recent regulatory developments" in the country, according to a release dated Tuesday. From May 31, the company will no longer accept account opening applications by any Canadian customers, it said . They have until July 31 to make new deposits or enter into new contracts, but will be able to withdraw or reduce their holdings after the deadline. The move mirrors that of Binance , the world's largest crypto exchange, in terms of leaving Canada. Earlier this month, Binance said it's exiting Canada given the country's new guidance on stablecoins and investor limits provided to crypto trading platforms. In February, CoinDesk reported that crypto exchanges operating in Canada will come under increased regulatory oversight as the country's umbrella markets watchdog sought to tighten rules for such trading platforms. More on Bybit Bybit to halt USD deposits due to payment gateway issues Bybit ordered to not broker securities in Brazil Bybit, KuCoin get hit with enforcement actions by Canada's financial watchdog