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Is Bybit Legal in Canada or is it Banned in 2024?

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Bybit was one of the foreign crypto companies affected by the Ontario crypto ban in June 2022 for operating unregistered digital asset trading platforms.

Before the enforcement action, Bybit was a top digital platform that offered Canadians access to 350+ crypto coins and a couple of crypto services. That’s why many crypto investors and traders were left wondering whether Bybit is still available in Canada.

So, is Bybit available in Canada?

Bybit used to be available in the rest of Canada, while it was banned in Ontario and Quebec. In this article, we explain why Bybit is banned in Ontario, whether it’s available in other Canadian provinces, and give a list of Bybit alternatives you can use.

Is Bybit Banned in Ontario?

Yes, Bybit is banned in Ontario. The crypto platform was banned in Ontario in June 2022 for non-compliance. But unlike KuCoin, which was permanently banned, Bybit cooperated with the OSC’s investigations and enforcement efforts.

They reached a settlement, which included a temporary market ban to allow Bybit to undertake registration compliance and align its operation with the Ontario Securities Act.

As part of the agreement, Bybit also agreed to disgorge about $2.5 million in profits and an additional CAD 10,000 to cover the OSC’s investigation costs.

Until Bybit undertakes registration compliance, it remains illegal to offer any crypto services in Ontario, including:

  • Accepting new user accounts
  • Offering any new products
  • Engaging in any marketing or promotional activities

Bybit is exiting the Canadian crypto space in September 2023, following increased regulatory oversight by Canadian Securities Administrators (CSA).

It is no longer accepting new users as of May 31, 2023. Existing Canadian customers will no longer be able to make further deposits as of July 31, 2023, and must wind down their positions by September 30, 2023.

This follows in the footsteps of Binance, which is also leaving Canada.

Bybit Alternatives in Ontario

As discussed above, Bybit is banned in Ontario and Quebec, and if you live there, you cannot access and use its crypto trading platform.

Below is a rundown of other Bybit alternatives in Ontario that offer similar assets and functionality that you can use to trade and invest in crypto assets.

CoinSmart (now Bitbuy)

CoinSmart is a top crypto platform in Canada that allows Canadians to trade and invest in ~40 major cryptocurrencies.

The platform offers a web-based platform and the CoinSmart crypto app to enable users to buy digital currencies quickly and easily.

  • Supported coins: Multiple coins
  • Fiat: CAD, USD, EURO.
  • Fees: 0.0% to 2.0%
  • Usability: Easy-to-use platform
  • Accessibility: Web platform and mobile app, advanced crypto trading tools
  • OTC desk: Fill large orders of $25,000 and above
  • Promotion: Get a $50 bonus when you deposit an initial$250
  • Downside: Fiat withdrawals take up to 5 days

CoinSmart is best for both beginners and seasoned traders because it offers a simple platform to buy crypto with a single click and advanced charting, and multiple orders for experienced traders.

CoinSmart Crypto Exchange (now Bitbuy)

coinsmart logo

Top crypto exchange in Canada (now Bitbuy)

Great for new & advanced traders

Competitive trading fees

Get a $50 bonus when you deposit $250

VirgoCX

VirgoCx is among the best crypto exchanges in Canada that offer 60+ cryptocurrencies. You can buy crypto using CAD or USD via its web platform or the VirgoCX crypto app.

There’s also the VirgoCX Wealth, an OTC desk to fill block trades of $30,000+, and wealth managers to offer you personalized services.

There are no VirgoCX fees, as the platform offers free cash deposits and withdrawals and doesn’t charge any extra trading fees. However, you’ll incur bid-ask spreads of 0.5%-2.5% on trades, which can get quite expensive.

  • Supported coins: 60+
  • Fiat: CAD and USD
  • OTC desk: fill block trades of $30,000+
  • Trading fees: 0.5-2.5% bid-ask spreads
  • Downside: Fees are hidden with expensive bid-ask spreads

The platform is great for both beginners and experienced traders as it offers both a simple interface and advanced charting & Tradingview technical tools.

VirgoCX

virgocx logo

Get a $20 bonus when you deposit $100

Great crypto broker for newbies

0.50% to 2.50% trading fee

Trade several popular coins

Netcoins

Owned by BIGG Digital, Netcoins is one of the best crypto platforms that allows you to buy and trade about 35 cryptocurrencies with CAD and USD starting with as little as $10.

The platform is accessible via a web interface and the Netcoins mobile app and offers a simple interface to enable beginners to buy crypto with a single click.

Netcoins trading fees stand at 0.5%, and fiat deposits and withdrawals are free for amounts of $2,500 and above.

The platform also offers a crypto card to allow you to spend your crypto hassle-free and earn 1% back in Bitcoin on all purchases.

  • Supported coins: 35 cryptocurrencies
  • Trading fee: 0.5%
  • Deposits/withdrawal: free for amounts of $2,500
  • Netcoins Pay: spend crypto to earn 1% Bitcoin back
  • Promotion: Get a $25 bonus after trading $100
  • Downside: Flat fees of 0.5%

Netcoins is best for beginners because it offers a simple interface to buy Bitcoin with a simple click.

Netcoins

netcoins logo

Trade several popular coins

Excellent crypto broker for newbies

Charges trading fees + undisclosed spread in prices

Wealthsimple Crypto

If you want to trade and invest in crypto, stocks, and ETFs in one place, Wealthsimple is a great platform to use. It offers a simple, easy-to-use web interface to enable beginners to buy and trade about 55+ cryptocurrencies.

There is also the Wealthsimple staking feature to enable users to stake Ethereum and Solana and earn up to 4.5% APY.

Deposits and withdrawals are free on Wealthsimple, and though there are no extra Wealthsimple trading fees, you’ll incur a bid-ask spread of 1.5%-2% on trades, which can get quite high.

  • Supported coins: 55+
  • Trading fees: 1.5%-2%
  • Staking: ETH and SOL
  • Downside: Doesn’t offer advanced charting or technical analysis tools, and spreads of up to 2% can get expensive.

Wealthsimple is great for beginners and buy-and-hold investors looking to invest in crypto, stocks, and ETFs in one place.

Wealthsimple Crypto

wealthsimple logo

Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $200+

Where is Bybit banned Worldwide?

Bybit is currently banned in Ontario and Quebec in Canada, the United States, Singapore, Mainland China, Cuba, Iran, North Korea, Syria, and Russian-controlled regions of Ukraine.

Bybit is legal in most countries. It is also available worldwide in more than 200 countries except for the US, China, North Korea, Mainland China, and a few other places.

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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