Crypto Exchange dYdX Shuts Down Services in Canada
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Decentralized crypto exchange dYdX is shutting down its services in Canada, citing the regulatory climate in Canada.

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The exchange said in a blog post it has already stopped onboarding new customers in the region. By April 14, dYdX will move all existing users in Canada to "close-only mode," leaving the customers with the ability to withdraw funds. The exchange added it hopes that crypto regulation in Canada will change over time "to allow us to resume services in the country."

dYdX Introduces New KYC Verification, Faces Criticism

In February this year, the Canadian Securities Administrators (CSA) strengthened oversight of crypto-related companies, saying "recent insolvencies" highlight the tremendous risks associated with trading crypto assets.

The CSA added all crypto businesses which operate in Canada are expected to go through an enhanced pre-registration process before April 2023. The pre-registration should include a detailed description of how clients' funds are stored and segregated. The businesses also have to confirm they do not offer margin, credit, or other forms of leverage to any Canadian client.

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