Bybit is one of the largest crypto exchanges in the world with over 20 million users. But is the exchange also legal and available for crypto traders in Canada?
Unfortunately, Bybit has announced that it will no longer be available in Canada at the end of 2023. Canada is on the list of Bybits restricted countries. Due to the anti-crypto stance of the Canadian government, Bybit and many other professional crypto exchanges had to leave the country. While Bybit can still be used, Bybit will fully exit Canada by October 2023.
Not only Bybit had to leave Canada, but also other large exchanges such as Binance and Kucoin are fully leaving the country.
Bybit does not allow new registrations from Canada, so we recommend using one of the best alternative crypto exchanges in Canada instead.
No, traders from Ontario and Quebec can not use Bybit. The area has been banned in 2022 already. Bybit is not accessible for crypto enthusiasts from Ontario or Quebec and this will not change any time soon. The reason that Bybit is not available in Ontario is that it was not abiding by local laws and regulations. Therefore, Bybit had to leave Quebec and Ontario.
No, Bybit is not legal in Canada according to the Canadian Securities Administrators. Since Bybit made KYC mandatory on May 8th, 2023, Canadian users can no longer onboard on the platform. Existing users may still use Bybit until September 2023. From October 2023 on, Bybit completely bans Canadian users from using its crypto exchange.
If you want to learn more about Bybit, make sure you check out our comprehensive Bybit review.
Since Bybit is no longer an option for Canadian users, you might wonder which exchange is now best for you. We have a full guide about the best crypto exchanges in Canada. Below you will find a quick summary of the top Bybit alternatives for Canadian crypto enthusiasts.
The overall best crypto exchange for Canadian users as of 2023 is Bitget. With over 10 million users, low fees, and over $4 billion in daily trading volume, Bitget has become one of the best crypto exchanges in Canada. Not only is Bitget a very user-friendly platform, but it also has advanced features, making it a top choice for advanced traders but also beginners.
Another great global crypto exchange that is available in Canada is Phemex. It is fully functioning in Canada and is a great choice for crypto traders. Phemex also allows FIAT payments for Canadian users in CAD, making it a very convenient choice for Canadian crypto traders.