Crypto Exchange Bybit Exits Canada Citing Recent Regulatory Development

Binance recently announced its exit from Canada as well, while Coinbase, Kraken, and Gemini among others stay committed.

AccessTimeIconMay 30, 2023 at 6:01 p.m. UTC

Bybit has announced that it will be exiting the Canadian market starting as soon as May 31 due to recent regulatory developments in the country, adding to several other exchanges that pulled out from the country.

“It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,” the exchange said in a blog post on Tuesday. “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”

No new account openings will be available from May 31, while existing customers will have time until July 31 to make new deposits and enter into new contracts, the company said, noting that they will be able to withdraw or reduce their positions after the closing date.

Bybit, which recently opened its global headquarters in Dubai, joins Binance among other crypto exchanges who have shut down its operations in Canada amid a challenging regulatory environment in the country which revealed new guidance for crypto companies in February that forces crypto asset trading platforms to obtain approval by the Canadian Securities Administrators (CSA) which includes passing various due diligence checks.

Some crypto exchanges, like Coinbase, however, stayed committed to its business in Canada and are doubling down on its operations there. Coinbase has even praised Canada’s new approach for setting out clear rules.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about