While Canada has banned cryptocurrency derivatives trading, dYdX is closing its doors to residents of the country to comply.
dYdX services will no longer be usable in Canada
Since Friday, investors based in Canada can no longer create a new account on the decentralized trading platform dYdX, as the latter clarified on his blog:
“dYdX closes access to users from Canada. We are aware that this restriction may disturb some users and regret any inconvenience. On April 7 at 17:00 UTC, dYdX will no longer allow new users located in Canada to join the exchange.»
If the country is not closed to cryptocurrencies, the policy of its government hardened in the space of a year with the appearance of new rules. One of them is the futures ban, announced earlier this year in response to the FTX fraud.
The fact is that futures contracts are precisely the specialty of dYdX, which must therefore take the appropriate measures to remain in compliance. Once again, the ecosystem therefore bears the brunt of the actions of Sam Bankman-Fried (SBF).
For Canadians already on the platform, dYdX leaves a deadline until April 14. They thus have an additional week to continue trading, but from this date, it will only be possible for them to withdraw the assets.
👉 To go further — Find our guide on the dYdX platform
Of course, this measure is not necessarily set in stone, and really depends on local politics :
“We hope that the regulatory climate in Canada will change over time to allow us to resume services in the country. »
Meanwhile, dYdX continues its development with its V4 which will be deployed this year on the Cosmos (ATOM) ecosystem. Over the past 24 hours, the exchange registers a volume of more than 288 million dollarsaccording to data from CoinGecko, and its token is trading at $2.44 as of this writing.
👉 Also in the news — Is DeFi the next target for US regulators?
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