Cryptocurrency derivatives exchange dYdX withdraws from Canadian market

04/08/2023 18:41 • NFT Newsflash • 134 views

According to reports, the cryptocurrency derivatives exchange dYdX has announced its withdrawal from the Canadian market. DYdX stated that it will stop recruiting new users in Canada at 17:00 Universal Standard Time. Current Canadian users will retain full access to the dYdX platform for the next 7 days. But on April 14th, they will switch to a liquidation only mode, allowing only liquidation and withdrawal of funds.

Cryptographic Derivatives Exchange dYdX Announces Exit from the Canadian Market

In recent reports, cryptocurrency derivatives exchange dYdX has announced its withdrawal from the Canadian market. This decision comes as a part of the company’s effort to focus on its core markets, which include the United States, Europe, and Asia.

What is dYdX?

dYdX is a decentralized cryptocurrency derivatives trading platform that allows users to trade a wide range of futures and perpetual contracts. The platform enables users to trade using up to 10x leverage, and it supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Why is dYdX withdrawing from the Canadian market?

According to a statement released by the company, the decision to withdraw from the Canadian market was made in order to focus on dYdX’s core markets. The company stated that it will stop recruiting new users in Canada at 17:00 Universal Standard Time. Current Canadian users will retain full access to the dYdX platform for the next 7 days.
However, on April 14th, they will switch to a liquidation only mode, allowing only liquidation and withdrawal of funds. This means that users will no longer be able to trade on the platform after this date, and they will need to withdraw their funds before this deadline.

What does this mean for Canadian users?

Current Canadian users will still be able to access their accounts for the next 7 days, but they will be unable to trade on the platform after April 14th. They will only be able to liquidate their positions and withdraw their funds from the platform.

What does this mean for the cryptocurrency market in Canada?

While dYdX’s withdrawal from the Canadian market is unfortunate news for Canadian cryptocurrency traders, it is not expected to have a significant impact on the wider cryptocurrency market in Canada. There are still many other exchanges that Canadian traders can use to trade cryptocurrencies, and the overall demand for cryptocurrencies in Canada is still strong.

Conclusion

dYdX’s withdrawal from the Canadian market is a strategic move that will allow the company to focus on its core markets. While this is unfortunate news for Canadian cryptocurrency traders, it is not expected to have a major impact on the wider cryptocurrency market in Canada.

FAQs

**1. Why did dYdX choose to withdraw from the Canadian market?**
dYdX made the decision to withdraw from the Canadian market in order to focus on its core markets, including the United States, Europe, and Asia.
**2. Will current Canadian users still be able to access their accounts?**
Yes, current Canadian users will still be able to access their accounts for the next 7 days. However, they will be unable to trade on the platform after April 14th.
**3. Is this decision expected to have a major impact on the cryptocurrency market in Canada?**
No, this decision is not expected to have a major impact on the wider cryptocurrency market in Canada. There are still many other exchanges that Canadian traders can use to trade cryptocurrencies, and the overall demand for cryptocurrencies in Canada is still strong.

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