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Crypto Derivatives Exchange DYdX Ices Canadian Market
Existing Canadian users will be able to trade on the exchange until April 14.
Updated May 9, 2023, 4:12 a.m. Published Apr 7, 2023, 6:24 p.m.
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Crypto derivatives exchange dYdX said Friday it is exiting the Canadian market.
At 17:00 UTC (1 p.m. ET), the exchange stopped onboarding new users based in Canada. Current Canadian users will retain full access to dYdX’s platform for the next seven days. But on April 14 they will be moved to “close-only mode” and only allowed to exit their positions and withdraw their capital.
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DYdX’s winding down in Canada comes a month and a half after the Canadian Securities Administrators published new regulations that warned crypto exchanges and trading platforms to comply with “enhanced investor protection commitments.”
“We hope that the regulatory climate in Canada will change over time to allow us to resume services in the country,” dYdX said in a blog post.
At press time the dydx token was trading at $2.45, sliding roughly 5.4% in the past 24 hours.
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