dYdX, a well-known decentralized exchange, has announced that it will be winding down operations for users located in Canada. The exchange acknowledges that this decision may cause inconvenience for some users, but they are committed to providing ample time for existing customers to manage their positions and exit the platform.

As per the announcement, effective as of April 7th at 17:00 UTC, dYdX has ceased onboarding new users from Canada. However, current Canadian users will still be able to execute trades on the platform for one more week.

On April 14th at 17:00 UTC, dYdX will transition all existing Canadian users to close-only mode, allowing users to close their positions and ensuring they maintain the ability to withdraw funds from the protocol at any time.

It is yet unclear what led to this decision, but dYdX expressed willingness to resume services. "We hope that the regulatory climate in Canada will change over time to allow us to resume services in the country." the team said.