Cryptocurrency derivatives trade dYdX has introduced it is going to be limiting Canadian consumer accounts over the following seven days in a transfer to exit the market.
In an April 7 weblog submit, dYdX stated it is going to be “winding down companies” in Canada, beginning with halting the onboarding of recent customers positioned within the nation. On April 14, the trade will transfer all current Canadian customers to “close-only mode,” permitting them to solely withdraw funds.
“dYdX is dedicated to offering transparency round product selections and democratizing entry to monetary alternative,” stated the trade. “We hope that the regulatory local weather in Canada will change over time to permit us to renew companies within the nation.”
The transfer adopted the Canadian Securities Directors saying further restrictions for crypto exchanges’ registration necessities within the nation. The foundations required platforms to be “prohibited from allowing Canadian purchasers to enter into crypto contracts to purchase and promote any crypto asset that’s itself a safety and/or a spinoff.”
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In September 2022, many dYdX customers and people within the crypto area criticized a promotion from the decentralized trade providing a $25 deposit bonus for confirming somebody’s identification utilizing a stay webcam picture. The trade later ended this system, citing “overwhelming demand” reasonably than a few of the privateness issues put forth.
Journal: Your information to crypto in Toronto: Crypto Metropolis
