Bybit, a cryptocurrency exchange headquartered in Dubai, said Tuesday that it would leave the Canadian market and stop opening new accounts for users starting Wednesday, citing “recent regulatory developments” and joining the Binance exchange, which is leaving the country.

Bybit said it would stop accepting new deposits or adding new positions for existing users in Canada starting July 31, saying users could withdraw or reduce their positions.

Bybit’s decision came after the Canadian Securities Administrators regulator said in February that cryptocurrency companies planning to operate in Canada must register their compliance with a new set of regulations.

Earlier this month, Binance, the world’s largest cryptocurrency exchange, also said it would withdraw from Canada because new guidelines related to stablecoin and investor limits “make the Canadian market more unacceptable” for the exchange.

In contrast, Coinbase, the largest crypto exchange in the U.S., is expanding in Canada. In March, Coinbase said it hired more than 200 engineers in Canada to support its global product portfolio.