dYdX announces that access to the exchange for users from Canada is closed

The platform’s representatives hope for a change in the regulatory environment in the country, which will allow the resumption of work

10.04.2023 - 11:20

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What’s new? On April 7, decentralized crypto exchange (DEX) dYdX announced that it was ceasing operations in Canada and shutting down the option to register new users. The company apologized for the inconvenience, adding that it hopes for a change in the regulatory climate in Canada that will allow services to resume.

Statement on the dYdX blog

dYdX is a margin trading platform for digital assets and open-ended contracts and also offers lending services. It runs on smart contracts on the Ethereum network. Transactions are made between users directly (P2P). As of 11:00 UTC, the native token DYDX is trading at $2,42, having lost 1,3% in 24 hours, according to Binance.

What else does the blog say? Previously registered customers will be able to continue to trade until April 14, 17:00 UTC. After that deadline, the exchange will put all Canadian users into the close-only mode, with the ability to withdraw funds from the protocol at any time.

In 2022, following the bankruptcy of the FTX exchange, the Canadian Securities Administrators (CSA) required crypto platforms to segregate client funds from their own and banned retail and institutional traders from offering margin trading and leverage. In January 2023, Crypto.com delisted the USDT stablecoin for Canadian users, and in March the OKX platform suspended operations in the country due to “new regulations.”

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