Bybit has announced its exit from the Canadian market by May 31 due to recent regulatory developments, following other exchanges that have also pulled out. The exchange stated that it aims to operate in compliance with all relevant regulations in Canada, but has made the difficult decision to pause its products and services. Existing customers will have until July 31 to make new deposits and enter into new contracts, but no new account openings will be available from May 31. Bybit's departure from Canada is due to the country's new guidance for crypto companies, which requires approval by the Canadian Securities Administrators.