Crypto derivatives exchange dYdX has announced that it will withdraw from the Canadian market.
Crypto derivatives exchange dYdX has announced that it will withdraw from Canada. Existing Canadian users will be able to continue trading on the exchange until April 14.
dYdX Users will be able to use the platform until April 14
The cryptocurrency market is trying to get over the losses of 2022. The events in the sector in 2022 affected all sector players badly. However, bankruptcies and layoffs occurred in the sector.
As one of the latest developments in the industry, dYdX has announced that it will cease its services in Canada.
Crypto derivatives exchange dYdX said it is exiting the Canadian market on Friday.
At 20:00 CET, the stock market stopped new Canadian-based users from signing up to the platform. Existing Canadian users will have full access to the dYdX platform for the next seven days. But on April 14 they will only switch to close mode and will only be allowed to exit their positions and withdraw their capital.
The liquidation of DYdX in Canada comes a month and a half after the Canadian Securities Executives issued new regulations warning crypto exchanges and trading platforms to comply with their “advanced investor protection commitments.”
Crypto derivatives exchange dYdX made the following statement on the subject in a blog post:
“We hope that the regulatory environment in Canada will change over time to allow us to maintain services in the country.”
After the news was announced, the dYdX token started trading at $ 2.4, down about 5.4 percent in the last 24 hours.
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