Cryptocurrency exchange Bybit announced its departure from the | Money Planet

Cryptocurrency exchange Bybit announced its departure from the Canadian market. The reason, as in the case of Binance, were the new regulatory rules in the country.

Already on May 31, the exchange Bybit stopped registering new users from Canada. Existing users can not make deposits, increase their positions and open new contracts. All open transactions must be closed by September 30.

Last year, the country's government published new rules for cryptocurrency firms. Specifically, cryptocurrency exchanges must keep user assets separate from company assets and use a third-party custodial service.

Later, the Canadian Securities Administrators Association (CSA) banned trading in algorithmic Stablecoins and added rules to distinguish complex instruments like margin trading.

"Bybit management made a difficult but necessary decision to suspend the availability of our products and services in Canada. Bybit's primary goal has always been to conduct business in compliance with all necessary regulatory rules and regulations," the site stressed in a statement.

Recall that the exchange Binance also announced its withdrawal from Canada in connection with the regulatory situation in the country.

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