According to a blog post published on April 7, the cryptocurrency derivatives exchange known as dYdX has disclosed that it would discontinue providing its services to subscribers located in Canada.
According to the website, individuals from Canada would no longer be allowed to participate in the exchange after April 7th. Existing Canadian customers, on the other hand, won’t be allowed to execute and complete trades after April 14th. After that time, users from Canada will also have the ability to withdraw their money.
The initiative explained its decision by pointing to recent changes in regulatory requirements, noting that it is keeping its fingers crossed that legislation in Canada would be able to be modified so that it may resume providing services. Although dYdX did not specify which laws were in play, Canadian authorities have recently established requirements that compel exchanges to separate the crypto assets of Canadian customers from other assets and to abstain from offering certain services.
A number of cryptocurrency firms, including Blockchain.com and OKX, have also ceased operations in Canada. Coinbase and Kraken are two examples of companies that have stated their intention to remain in the nation.
