Decentralized exchange platform, dYdX, has announced that it will be winding down user access from Canada due to regulatory reasons. The move is expected to be implemented on April 7th, 2023 at 17:00 UTC, after which new users located in Canada will no longer be allowed to onboard to the exchange. However, existing Canadian users will be given ample time to manage and close their positions on dYdX.

According to the announcement, existing users will still be able to execute trades on the platform for one week, until April 14th, 2023 at 17:00 UTC. After this time, all existing users in Canada will be moved to close-only mode, and they 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 it is necessary due to the current regulatory climate in Canada. The platform hopes that the regulatory landscape in Canada will change in the future, allowing them to resume services in the country.

dYdX is committed to providing transparency around its product decisions and democratizing access to financial opportunities. The platform currently runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. dYdX combines the security and transparency of a decentralized exchange with the speed and usability of a centralized exchange.

The platform has advised its users to follow their blog and join them on Discord and Twitter for the latest updates regarding dYdX. This announcement is subject to their Terms of Use.

The move by dYdX is the latest in a series of regulatory crackdowns on cryptocurrency-related activities in Canada. The country’s securities regulator has been taking steps to protect investors from fraud and illegal activities in the crypto space. Despite these challenges, the industry remains optimistic that regulatory clarity will ultimately benefit the growth of the crypto sector in Canada.

#Dydx #crypto2023 #Canada #BTC #azcoinnews

This article was republished from azcoinnews.com

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