dYdX Shuts Down Operations in Canada

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Decentralized exchange dYdX announced on April 7 that it would cease registering new users from Canada and that existing Canadian users would be given one week to close their positions and withdraw their funds.

The exchange expressed hope that the regulatory climate in Canada would change, thus allowing them to resume services in the country in the future.

The decision was made in response to the Canadian Securities Administrators tightening their requirements for crypto-currency firms, following the collapse of FTX, in December 2022.

Last year, dYdX traded a total of $466.3 billion and generated $137.8 million in fee income.