Bybit is the next to exit Canada, stating regulatory reason - page 2.

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legendary

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Quote from: bbc.reporter on May 30, 2023, 10:58:01 PM

In any case, does anyone know what specific law or rule that caused exchanges to completely close their service from Canada?

I do not know the specific case, but I am not surprised by who has long ruled the country, a leftist who does not like Bitcoin, as it is logical because what he likes is a big state that controls everything.

Canadian Prime Minister Justin Trudeau Attacks Opposition for Recommending Bitcoin as Inflation Hedge

Let us also remember what happened to the truck drivers there:

Canada Sanctions 34 Crypto Wallets Tied to Trucker 'Freedom Convoy'

So I don't know the specific circumstances of the case now, but I am not surprised within the general political line.

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Another country bites the dust hehe.

In any case, does anyone know what specific law or rule that caused exchanges to completely close their service from Canada? This appears to be something stricter and more aggressive than what the US SEC are doing under their jurisdiction.

It might also be that those exchanges need to have a .ca domain with the users under the Canadian jurisdiction separated from the international crypto market very much similar to the .us domains. I shake my head. I reckon this restricts borderlessness, another innovation that the cryptospace has brought us.

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Quote from: Oshosondy on May 30, 2023, 05:08:03 PM

With what I am thinking, it is possible that more exchanges will leave Canada soon because of the regulatory development which we have talked about before.

Yeah, this is obvious, more will follow suit.
Exchanges don't just leave willing, especially when they know that the more trading volumes, the more money they make. The regularity atmosphere there must really be very harsh

Quote from: robelneo on May 30, 2023, 06:54:36 PM

According to this article : https://www.ibtimes.com/major-cex-joins-crypto-businesses-canada-exodus-cites-no-longer-tenable-market-condition-3693125

Quote

The new rules classify stablecoins as a security and restrict businesses "from permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative."

Who else thinks this quoted text is meant to sideline the current stablecoins in preparation from the introduction of CBDCs. As more countries try to force citizens to turn back to their legal tenders that are in digital forms, they will be banning exchanges from offering stablecoins to their citizens.

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Bybit is one of the biggest exchanges in the industry, they have a trust rating score of 10 and are number three in Coingecko's standing, this is a big blow to Canadian supporters.

According to this article : https://www.ibtimes.com/major-cex-joins-crypto-businesses-canada-exodus-cites-no-longer-tenable-market-condition-3693125

Quote

The new rules classify stablecoins as a security and restrict businesses "from permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative."

Quote

"Unregistered platforms operating in Ontario that are non-compliant may be included on the OSC Investor Warnings and alerts page and subject to regulatory action, including temporary orders," the Ontario Securities Commission (OSC) said.

Canada is such a huge market and Binance the first to left is still hoping to make a comeback in the Canadian market when the authorities ease up in their strict regulation on Cryptocurrency, I just hope after Canada no country will follow its lead, its the kind of news that hampers Cryptocurrency adoption.

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Well whatever happens around harsh regulatory policy decisions, there are always an alternative and I guess Canadian exchange users will migrate to the next available exchange if the closing date has been reached, this may be seen as a major setback to Canada's crypto adoption and friendliness but then it makes no much impact on the individual adoption level since their citizens will continue to own and use cryptocurrency and other digital assets.

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You can read the announcement directly from Bybit: https://announcements.bybit.com/article/notice-on-exit-from-canadian-market-bltc1bfb8746d077fda/#

It was OKX, Binance was the next, now Bybit stopping to provide its products and services to Canadians. With what I am thinking, it is possible that more exchanges will leave Canada soon because of the regulatory development which we have talked about before.

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