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- dYdX has announced that it will cease providing services to Canadian clients.
- The DeFi exchange blamed Canada’s regulatory environment for its decision to withdraw from the country’s market.
- The decentralized exchange’s governance token lost more than 5% of its value following the news.
DeFi exchange dYdX has announced plans to exit the Canadian market later this month. The popular cryptocurrency derivatives exchange has halted the onboarding of new users based in Canada and will soon suspend trading for its users from the country.
dYdX blames Canada’s regulatory environment for its exit
according to a deprecation warning The decentralized exchange announced on dYdX’s official website earlier today that Canada’s regulatory environment contributed to its decision to exit the country. However, DEX hinted that if the regulatory environment in Canada improves, it may resume its services in Canada.
As for the logistics of ending dYdX’s service in Canada, the DEX informed its users that they will be able to continue trading on the platform for a week. This period of time will be used to settle all open trades and positions that would otherwise be closed by the DEX. The platform has stopped recruiting Canadian users. On April 14, 2023, all existing Canadian users will be switched to closed mode, which will allow users to withdraw funds at any time.
“As always, dYdX is committed to providing transparency in product decisions and democratizing access to financial opportunity. We hope that the regulatory environment in Canada will change over time so that we can resume service in the country.”
News of a DeFi exchange’s exit from the Canadian market sent its governance token plummeting. DYDX
It lost more than 5% of its value, falling to $2.43. The token has recovered and is currently trading at $2.45. DYDX’s market capitalization has lost more than $20 million in the past 24 hours.
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