dYdX leaves Canada

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By appitaly

Decentralized cryptocurrency derivatives exchange dYdX has announced that it will be restricting the operation of Canadian user accounts over the next seven days, in order to exit the Canadian market.

In a blog post on April 7, dYdX stated that it will be “winding down services” in Canada, starting with the cessation of registration for new users located in the country. On April 14, the exchange will move all existing Canadian users into “close-only mode”, allowing them to only withdraw funds.

“dYdX aims to provide transparency around product decisions and democratize access to financial opportunities,” the exchange said in a statement. “We hope that the regulatory climate in Canada will change over time, allowing us to resume offering services in the country.”

This comes after Canadian securities administrators announced additional requirements for registration of cryptocurrency exchanges in the country. The rules required platforms to be “prohibited from allowing Canadian clients to trade crypto contracts for buying or selling any crypto asset that itself is a security and/or derivative.”