dYdX Quits Canada On April 14 Due To Legal Difficulties

Key Points:

• dYdX has reported that it will pull out from the Canadian market and that exchanging support for existing clients will end on April 14.
• However, users will still be able to access the protocol’s funds at any time.
• Beginning on April 7, new customers will not be accepted and transactions will be restricted.
• The tightening of crypto-related regulations in Canada is the reason why we decided to leave the Canadian market.

On Friday, dYdX made an official announcement that it would be leaving the Canadian market and that trading support for current customers would end on April 14.

Beginning April 7, dYdX will quit enrolling new clients in Canada, however existing clients will in any case have multi week to continue exchanging. From 1 a.m. on April 15, all clients in Canada will go into liquidation-just mode, and clients can pull out their assets whenever.

“On April 7 at 17:00 UTC, dYdX will no longer allow new users located in Canada to onboard to the exchange. As part of the wind-down process, we want to provide existing Canadian users ample time to manage and close their positions on dYdX.”

This abandonment is as a result of tighter legal regulations in Canada following the economic crisis. According to the dYdX team, they may continue to offer services in Canada even if the regulatory environment changes in the future.

The maker of a notable decentralized trade, dYdX, expects to areas of strength for make, and open monetary items. Currently, dYdX uses audited smart contracts from Ethereum, so traders don’t have to trust a centralized exchange.

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