Bybit to cease operations in Canada

Canadian residents have until September 30 to ‘wind down their positions’ or face ‘automatic liquidation.’

Dubai-based crypto exchange Bybit has announced its plans to exit Canada.

Following regulatory development in the country, the exchange has paused the availability of its products and services, noting the move as a “difficult but necessary decision”.

From now, Bybit will not accept any new user account opening applications from Canadian nationals and residents.

Additionally, existing Canadian customers will no longer be able to make new deposits, enter into new contracts, or increase any of their current positions.

However, such customers will still have access to their funds, reduce their positions and make withdrawals.

Bybit added that all Canadian customers will have until September 30 to “wind down and manage their positions”. Failure to do so by the deadline will result in the automatic liquidation of any remaining positions in “margin products and derivative contracts.”

As cryptocurrencies' adoption continues to expand globally, Bybit’s mission aims to provide safer and sustainable trading experiences to crypto enthusiasts while “maintaining necessary safeguards” to protect its users.

“We apologize for any inconvenience this may cause, and appreciate your continued support,” concluded the firm.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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