Decentralized exchange dYdX announces ’winding down‘ of services for Canadian users

Cryptocurrency derivatives exchange dYdX has announced that it will be restricting Canadian user accounts over the next seven days as it exits the market.

In a blog post on April 7, dYdX Said In Canada, it will “roll down the service” starting with stopping onboarding new users in the country. On April 14th, the exchange will transition all existing Canadian users to “payment-only mode”, allowing only withdrawal of funds.

“DYdX is committed to providing transparency around product decisions and democratizing access to economic opportunities,” the exchange said. We hope that we will be able to resume services in the country.”

The move follows Canada’s securities regulators announcing additional restrictions on the registration requirements of the country’s cryptocurrency exchanges. The rule required platforms to “prohibit Canadian customers from entering into crypto contracts to buy or sell crypto assets that are themselves securities and/or derivatives.”

Related: GMX and dYdX vie for top spot in decentralized derivatives

In September 2022, many dYdX users and those in the crypto space criticized a promotion from a decentralized exchange offering a $25 deposit bonus for verifying someone’s identity using live webcam images. bottom. The exchange later terminated the program, citing “overwhelming demand” rather than part of privacy concerns.

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