dYdX Announces Exit from Canadian Crypto Market
dYdX, a cryptocurrency derivatives exchange, has declared that it will limit the usage of its services for Canadian account holders in the upcoming week as it aims to withdraw from the market.
In a blog post released on April 7, dYdX explained that it would begin “winding down services” in Canada by discontinuing the registration of new users in the country.
By April 14, the exchange would transfer all present Canadian users to “close-only mode,” where they could only withdraw funds. The exchange expressed hope for changes in the regulatory environment of Canada that would permit it to resume services.
This decision follows the Canadian Securities Administrators’ announcement of added restrictions for the registration requirements of crypto exchanges.
The new guidelines prohibit platforms from enabling Canadian clients to participate in crypto contracts that involve buying or selling any crypto asset that is a security and/or a derivative.
READ MORE: Swiss Bank to Enable Crypto Trading for 2.5 Million Clients
In September 2022, dYdX faced backlash from users and those involved in the cryptocurrency sector over a promotion offering a $25 deposit bonus for confirming someone’s identity through a live webcam image.
The exchange ended the program despite privacy concerns due to “overwhelming demand.”
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
