A decentralized cryptocurrency trading platform has announced that it is withdrawing from Canada for regulatory reasons. Users in Canada will no longer be able to access the services of that DEX. Here are the details…
Cryptocurrency exchange shuts down access to users in Canada
Decentralized exchange platform dYdX has announced that it will terminate user access from Canada for regulatory reasons. The move was implemented the other day, and from now on, new users in Canada will no longer be allowed to enter the exchange. However, existing Canadian users will be given ample time to manage and close their positions in dYdX.
According to the announcement, existing users will be able to continue trading on the platform for a week until April 14, 2023 at 20:00. After this period, all existing users in Canada will be put into shutdown only mode and will be able to withdraw their funds from the protocol at any time. The announcement states that dYdX regrets any inconvenience caused by this restriction, but this is necessary due to the current regulatory climate in Canada. The platform hopes that the regulatory environment in Canada will change in the future, allowing them to continue services in the country.
Canada intensifies its regulatory activities
dYdX is committed to providing transparency in product decisions and democratizing access to financial opportunities. The platform currently runs on smart contracts supervised on Ethereum, which eliminates the need to rely on a centralized exchange when trading. dYdX combines the security and transparency of a decentralized exchange with the speed and availability of a centralized exchange.
The platform advised its users to follow their blog and join them on Discord and Twitter for the latest updates on dYdX. dYdX’s move was the result of a series of regulatory crackdowns on cryptocurrency-related activities in Canada. This move comes after the Canadian Securities Commission announced additional restrictions on the registration requirements of crypto exchanges in the country. The rules required platforms to “prohibit Canadian customers from accessing crypto contracts to buy and sell any crypto asset that is itself a security and/or derivative.”
DYDX price dropped slightly
Meanwhile, cryptocoin.com As we have also reported, the value of DYDX, the native token of dYdX, dropped slightly. The news that the DeFi exchange would leave the Canadian market caused the price of the governance token to plummet. DYDX lost more than 5 percent of its value, falling as low as $2.43. The token has since recovered and is currently trading at $2.5. DYDX’s market cap has dropped by more than $20 million in the past 24 hours. DYDX is trading as much as 91 percent below the $27 level it recorded in September 2021.
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