dYdX to wind down operations in Canada

The decentralized exchange dYdX announced that it will wind down its operations in Canada. Registration of new users from the country has been halted since 7 April.

“We want to provide existing Canadian users with enough time to manage and close their positions on dYdX. They will be able to continue trading on our platform for one week,” the statement said.

From 14 April, Canadian users’ access will be restricted to closing positions and withdrawing funds.

“We hope that the regulatory climate in Canada will change over time, allowing us to resume providing services in the country,” added platform representatives.

In December 2022, Canadian securities regulators tightened requirements for crypto firms after the collapse of FTX, extending them to organizations registered in other jurisdictions.

Last year, dYdX amounted to $466.3 billion in trading volume. During the same period, the leading non-custodial crypto-derivatives platform earned $137.8 million in commissions.

In January 2023, dYdX delayed the planned unlocking of 150 million utility tokens to December 1, 2023. In March the platform announced its Cosmos-based blockchain.