dYdX suspends crypto services for Canadians

Because of the regulatory pressure, dYDX decided to shut down its crypto trade offerings for Canadian crypto Investors.

dYdX is a Decentralised Finance (Defi) concept-based crypto trade platform. dYdX is a native token on this platform. This platform provides Perpetual, Margin, & Spot trading, as well as borrow/lend pools on Ethereum. The team behind this crypto platform has previous experience at Google, Bloomberg, Amazon, NerdWallet, Lyft, Facebook, and other companies.

On 7 April 2023, dYdX announced that they decided to wind down their crypto services for the Canadian crypto industry. Now no one Canadian will be able to access dYdX & probably existing trading positions will be closed by the exchange before 14 April. 

Any existing Canadian dYdX user will be able to withdraw his crypto assets from the platform anytime. 

The dYdX team confirmed that they may resume services for Canadians in the future if regulatory policies will allow them to serve services in this country.

“We hope that the regulatory climate in Canada will change over time to allow us to resume services in the country,” the announcement read.

Many crypto Twitter users asked how the dYdX team can terminate its crypto services for a particular jurisdiction, as the exchange is fully decentralized.

Some experts noted that dYdX suspended services with the help of the IP address restriction model and still dYdX can be accessed easily with the help of Virtual Private Network (VPN) services. 

dYdX price action

The current trade price of the dYdX token is $2.48 & the current trade price is 2.58% down over the last 24 hours’ trade price. 

The price graph is showing that the token faced a significant downfall because of this news.

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