Bybit announced it would be leaving the Canadian market as early as May 31, due to recent changes in regulatory requirements. This is in addition to other exchanges who have already left the country.

The exchange stated in a post published on Tuesday that “it has always been Bybit‚Äôs primary goal to operate our business compliant with all applicable rules and regulations in Canada.” Bybit made the difficult, but necessary decision of halting the availability of its products and services in light of recent regulatory developments.

The company announced that no new accounts will be opened after May 31. Existing customers have until July 31 to deposit new funds and sign new contracts.

Bybit, who recently established its global headquarters in Dubai joins Binary and other crypto exchanges that have closed their operations in Canada due to a difficult regulatory environment. In February, the Canadian Securities Administrators released new guidelines for crypto companies which require crypto asset trading platforms obtain approval from the Canadian Securities Administrations (CSA), which includes passing a variety of due diligence checks.

However, some crypto exchanges like Coinbase have remained committed to their business in Canada, and are increasing the number of employees there. Coinbase even praised Canada for its new approach, which sets out clear rules.

Read more: Coinbase Praise Canada’s Crypto Approach As U.S. Regulation Pressure Intensifies