Cryptocurrency derivatives exchange dYdX has announced that it will limit Canadian user accounts to exit the market for the next seven days. In an April 7 blog post, dYdX said it would be "gradually shutting down its service" in Canada, starting with halting the onboarding of new users in the country. On April 14, the exchange switched all existing Canadian users to “closed only mode,” allowing them to withdraw funds only.
"DYdX is committed to providing transparency in product decisions and democratizing access to financial opportunity," the exchange said. "We hope that the regulatory environment in Canada will change over time to allow us to resume service in the country."
The move comes after the Canadian Securities Authority announced additional restrictions on registration requirements for cryptocurrency exchanges in the country. The rule requires platforms to “prohibit allowing Canadian customers to enter into crypto contracts to buy or sell any crypto assets that are themselves securities and/or derivatives.”
In September 2022, many dYdX users and those in the cryptocurrency space criticized a promotion on the decentralized exchange that offered a $25 deposit bonus for confirming someone’s identity using a live webcam image. The exchange later terminated the program, citing "high demand" rather than some privacy concerns raised.
