No, Bybit is no longer accessible in Canada . Since July 31, 2023, the platform has suspended all of its services for Canadian users , citing an overly restrictive regulatory framework. This decision is part of a wave of exchange withdrawals from the Canadian market, such as Binance and dYdX , following the implementation of new regulations in February 2023.
If you're looking for a platform that complies with Canadian regulations , several alternatives are available. This article explores the reasons for Bybit's departure , the implications for Canadian traders, and the best legal alternatives to use in Canada.
In February 2023, Canadian authorities introduced new regulations for cryptocurrency companies. These measures, implemented by regulatory bodies such as the Canadian Securities Commission (CSC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) , include:
These rules have forced several international exchanges to leave Canada, considering that they made operating their business too complex or economically unviable .
Bybit has always sought to comply with local regulations, but new Canadian constraints have forced it to make a radical decision. In an official statement , the company said:
"Bybit's primary objective has always been to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory developments, Bybit has made the difficult but necessary decision to suspend the availability of our products and services."
Bybit is not only unavailable in Canada, it is also unavailable in the United Kingdom and France , for example.
As of July 31, 2023 , Canadian users were no longer able to make deposits or open new positions . They had until September 30, 2023 , to close their existing positions, under penalty of forced liquidation .
Bybit's departure from Canada means that residents of the country can no longer:
However, withdrawals remain possible , allowing Canadian users to retrieve their funds and transfer them to another legal platform.
Technically, some traders use VPNs to bypass geographical restrictions. However, this violates Bybit's terms of service , and the exchange could suspend or freeze an account detected as being located in Canada .
Furthermore, in the event of a dispute or technical problem, you will not benefit from any protection from Canadian regulators, which may expose your funds to significant risks.
Bybit is available in over 160 countries , but some jurisdictions impose strict restrictions. Among the territories where the platform is restricted are the United States, China, Singapore, the United Kingdom, and France , due to stringent regulatory frameworks or sanctions. Other regions, such as Crimea, Donetsk, and Luhansk , are also off-limits for geopolitical reasons.
In parallel, Bybit is working to acquire additional licenses, particularly in Hong Kong , a major hub for crypto-assets in Asia. These efforts aim to strengthen user protection and ensure the platform's compliance with local regulations.
Bybit has already obtained several regulatory approvals allowing it to legally offer its services in various international markets. Among the most notable are:
Thanks to these regulatory approvals , Bybit continues to expand its presence in different markets while respecting local legal requirements.
With Bybit now inaccessible in Canada , it is essential to turn to platforms that comply with local regulations .
You can invest in cryptocurrencies in Canada with Gemini.
The platform offers:
Gemini therefore allows you to invest in both cryptocurrencies and tokenized stocks, all in a secure and regulated environment.
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By 2025 , Bybit will no longer be legal in Canada due to regulatory restrictions. If you are a Canadian trader , it is essential to find alternatives that comply with local requirements.
The three best options are:
✅ Coinbase – A global, intuitive, and compliant platform.
✅ Coinsquare – A secure and regulated Canadian exchange.
✅ Netcoins – A reliable alternative with a simplified interface.
If you wish to continue trading legally and securely in Canada, use these platforms rather than attempting to access Bybit through unofficial channels. Your financial security is paramount.
Investments in cryptocurrencies are risky. Crypternon could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a property or service put forward in this article. Readers must do their own research before undertaking any action and investing only within the limits of their financial capacities. Past performance does not guarantee future results. This article does not constitute an investment advice.
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AMF recommendations. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital .
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