Decentralized crypto exchange, dYdX, has announced that it is winding down user access from Canada, effective April 7th at 17:00 UTC. The decision to restrict new user onboarding to the exchange from Canada was made due to regulatory uncertainty and the exchange’s commitment to compliance.
dYdX Takes Preemptive Measures to Ensure Compliance
As a decentralized exchange, dYdX has always aimed to provide its users with a secure and transparent trading experience. In a statement released on their blog, the exchange cited the need to ensure compliance with evolving regulations as the reason for winding down access to Canadian users.
dYdX explained that it wants to ensure that its platform remains compliant with regulatory requirements across different jurisdictions. The exchange acknowledged the disruption this move may cause to some users and expressed regret for any inconvenience caused.
Existing Canadian Users Given Ample Time to Manage Accounts
Despite the restrictions, existing Canadian users will still have ample time to manage their accounts and withdraw their funds. dYdX has emphasized that it wants to ensure that its users are not unfairly impacted by the wind down process.
The decision to restrict access to Canadian users comes amid a global regulatory crackdown on the crypto industry. Several countries, including Canada, have recently introduced new measures to regulate digital assets and the exchanges that facilitate their trading.