Another CEX leaves Canada as Avorak listing-potential Bybit ceases trading there

Another CEX leaves Canada as Avorak listing-potential Bybit ceases trading there

Bybit, a prominent crypto exchange with potential listing prospects for Avorak AI (AVRK), announced its decision to cease trading operations in Canada. This follows the trend of several other exchanges leaving the country due to new regulatory measures. The exit of Bybit raises questions about the future landscape of crypto exchanges in Canada and highlights the challenges faced by both platforms and investors in navigating the evolving regulatory environment.

Canada crypto

Canada’s crypto industry has undergone significant changes due to regulations introduced in February. These regulations have compelled exchanges to either comply or exit the Canadian market. One of the key provisions of these rules is the prohibition of leverage services, including margin or credit, offered by exchanges. Additionally, exchanges are now required to obtain prior written consent from regulators for the purchase or deposit of stablecoins. The strict limitations on stablecoins and leverage services have prompted a number of exchanges to leave the country. Earlier this year, Binance, OKX, dydx, and Paxos all announced their departure from the Canadian market, citing the new regulatory guidelines as the primary reason. However, amidst this exodus, some exchanges, such as Coinbase and Kraken, have chosen to embrace the compliance route. Despite the drawbacks of the new regulatory framework, these exchanges have expressed their commitment to continue operating in Canada while adhering to the regulations.

Bybit Canada

Following the recent regulatory developments in Canada, Bybit, a prominent cryptocurrency exchange, announced its decision to cease all services and products offered in the country until further notice. Effective from May 31, Canadian nationals and residents will no longer be able to open new accounts with Bybit. However, existing customers will be allowed to continue using the exchange’s services and products until July 31. Following this deadline, Bybit will terminate support for all its services in Canada. While customers will no longer be able to increase their positions after the deadline, they have the option to withdraw them. Bybit has provided a deadline of September 30 for Canadian customers to wind down their positions, and failure to do so will result in the automatic liquidation of any remaining open positions in margin products and derivative contracts.

What is Avorak AI (AVRK)?

Avorak AI is an emerging and highly regarded AI crypto project rapidly gaining attention and momentum within the crypto market. This innovative project harnesses advanced AI algorithms to optimize various fields, including trading, content creation, 3D modeling, and customer service. The popularity of Avorak AI has surged as investors and enthusiasts recognize the tremendous potential and advantages offered by this cutting-edge AI  crypto project and the opportunities presented by its ongoing initial coin offering (ICO).

The key factor driver of Avorak’s popularity is its comprehensive suite of advanced AI tools and features. This extensive list includes AI-powered trading bots capable of executing trades autonomously, providing investment strategies that maximize returns and risk management systems that identify and mitigate potential risks. The Avorak AI trading bot uses a simple non-code command-line input and can automate trades across different exchanges and assets, catering to both novice and experienced traders.

Avorak AI, Another CEX leaves Canada as Avorak listing-potential Bybit ceases trading there

Avorak’s innovative tools and features have the potential to reshape the cryptocurrency landscape. More investors are flocking to the Avorak ICO to get benefits, such as token bonuses and priority access to closed beta products. The ICO is in phase 7, selling the AVRK token at $0.255. AVRK is the native token of the Avorak AI ecosystem, and it serves as credit for accessing its services. AVRK has a launch price of $1, and with the advantages that come with Avorak AI, the token is expected to increase in price even after launch.

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