FacebookTwitterLinkedInTelegramCopy LinkEmail

dYdX Announces Exit from Canadian Crypto Market

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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.