Decentralized exchange dYdX has announced that it will wind down user access from Canada, citing regulatory concerns as the primary reason.
Starting Apr. 7. at 17:00 UTC, the exchange will no longer accept new Canadian users, while existing users will have one week to manage and close their positions on the platform.
From Apr. 14 at 17:00 UTC, Canadian users will be moved to close-only mode, but they will still be able to withdraw funds from the protocol at any time.
This decision comes after other cryptocurrency exchanges, such as OKX, have exited the Canadian market due to tightening regulations.
In recent years, Canadian regulators have taken action against several major trading platforms, including Binance, Bitfinex, and KuCoin.
As dYdX navigates the changing regulatory landscape, the exchange hopes to resume services for Canadian users in the future once compliance issues have been resolved.