Bybit has announced to halt its operations in the Canadian Market effective May 31, 2023, for new customers and July 31, 2023, for existing customers. Here, the word customer refers to all the residents and nationals of the Canadian region. Per the announcement, the platform is halting the offering of its products and services to stand true to the commitment of functioning the business only in compliance with rules and regulations.
New customers will be unable to get their applications processed from May 31, 2023, starting at 8 am UTC. Any application submitted following that window will be simply rejected by the platform.
For existing customers, the window begins on the last day of July 2023, 8 am UTC. They will be unable to deposit funds into their accounts or enter into a new contract for products and services. Additionally, customers who have registered themselves at Bybit will not be able to increase their position effective July 31, 2023, from the said time.
The only functions available will be withdrawal and reduction of position.
Positions will be retained maximum by September 30, 2023, 8 am UTC. Once the deadline passes, all the products will be liquidated, and funds will be made available for withdrawal. Meaning customers can only manage and wind down their positions at Bybit till September 30, 2023, 8 am UTC.
Bybit has apologized for the inconvenience caused to its customers due to the exit move from the Canadian market. It has highlighted that the primary aim is to safeguard the interest of its customers and provide a trading experience that is safe & sustainable.
Headquartered in Singapore, Bybit has all the major cryptocurrencies listed on the platform. This includes, with no limitations whatsoever, ETH, BTC, and XRP. Simultaneously, customers can build their trading portfolio at Bybit by including their preferred trading pairs like BTC/USD, XRP/USD, and ETH/USD, among many others.
Bybit was founded in 2016 and has now expanded its operations in South Korea, North America, Russia, Europe, Southeast Asia, and Japan. A standard crypto fee applies at the time of withdrawing funds from the account. It may vary based on the region of the customer. The crypto trading derivative exchange platform brings together the experience of trading futures and leveraging a good pace for all pairs.
Features that attract a larger footfall on the platform are Inverse Perpetual, USDT Perpetual, and Inverse Futures. Details for the same are available at our Bybit review, wherein one can also learn about the Contract Loss Mechanism.
New customers in applicable regions can get started with Bybit by registering on the platform by filling in all the required details. Mobile applications can also be used to signup on the exchange platform; however, customers must first download the application from the respective app store. Registration from mobile applications is unavailable only for countries that are restricted under the Foreign Account Tax Compliance Act, also known as FATCA.
May end for new customers and July end for existing customers is the last day to take a call at Bybit, following which the platform will log off its products and services in the Canadian market.
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