Crypto Derivatives Exchange dYdX Is Phasing Out User Access From Canada
The Canadian Market For Crypto Derivatives exchange dYdX has been suspended. Until April 14th, current users from Canada will have the ability to trade on the exchange.
Because Bitcoin
April 7, 2023
dYdX is winding down user access from Canada, as per a recently released blog post.
The restriction may be disruptive to certain users, and any inconvenience caused is regretted. On April 7th at 17:00 UTC, new users located in Canada will no longer be able to onboard to the exchange. As part of the wind-down process, existing Canadian users are provided ample time to manage and close their positions on dYdX.
Therefore, existing users can continue to execute trades on the platform for one week. On April 14th at 17:00 UTC, all existing users in Canada will be moved to close-only mode, and they will maintain the ability to withdraw funds from the protocol at any time.
Furthermore, it is stated that at dYdX, the commitment is to provide transparency around product decisions and to democratize access to financial opportunities. It is hoped that the regulatory climate in Canada will change over time to allow the resumption of services in the country.
Many people on Crypto Twitter were outraged by this message, as it doesn’t align with their understanding of “decentralization”.
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