Derivatives exchange dYdX to discontinue Canadian services

The crypto derivatives exchange dYdX has announced that it will no longer offer its services to Canadian users, according to an April 7 blog post.

The site said that Canadian users would not be able to join the exchange as of April 7. However, existing Canadian users will only be able to execute and close trades as of April 14. Canadian users will also be able to withdraw funds after that time.

The project attributed its decision to recent regulatory developments, writing that it hopes that Canadian regulations will change and allow it to provide services again.

Though dYdX did not state which regulations were at play, Canadian regulators have recently imposed rules that require exchanges to segregate Canadian users’ crypto assets from other assets and refrain from providing select services.

Certain crypto companies, including Blockchain.com and OKX, have also suspended Canadian operations. Others, such as Coinbase and Kraken, plan to stay in the country.

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