Bybit Exits Canada: What Crypto Exchanges Will Follow?

• Bybit, a prominent cryptocurrency exchange, has announced its exit from Canada due to regulatory rules.
• Binance had also previously declared its withdrawal from the Canadian market.
• Other top exchanges like Coinbase and Kraken continue to operate in Canada but may be surprised by new regulations soon.

Bybit Exits From Canada

Bybit, a prominent cryptocurrency exchange, has announced its exit from the Canadian market due to regulatory rules. This follows the withdrawal of other top exchanges such as Binance who had previously announced their decision to leave Canada for similar reasons.

Reason Behind Exit

The primary goal behind Bybit’s decision was to adhere to relevant rules and regulations set by the Canadian Securities Administrators (CSA). As part of this announcement they stated that there will be no more account deposit creations from May 31st onwards. However, customers can still withdraw their positions even after this date is closed.

Binance Leaves Canada

Binance had previously made the decision to leave Canada due to the country’s regulatory environment which requires approval from CSA as well as due diligence check passings. Despite this, other top exchanges such as Coinbase and Kraken remain open in Canada for business despite potential surprises by new regulatory rule actions in future.

Surprise For Other Exchanges?

It is unclear whether or not these other crypto exchanges will face similar regulation changes in future like Bybit and Binance have experienced recently. Nevertheless, it serves as an important reminder of how quickly and drastically regulations can change within this industry and should be kept in mind when making investment decisions accordingly.


Bybit’s departure announcement highlights the importance of being aware of changing regulations within the crypto space which may have effects on various investments decisions made by traders and investors alike. Taking into consideration recent events it remains to be seen if other exchanges follow suit with leaving or staying in Canada in light of these new developments

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