As dYdX [DYDX] freezes out of Canada, how did its indicators perform

ambcrypto.com:

On 7 April, dYdX [DYDX] announced that the firm would begin the process of limiting access to its platform for users located in Canada. The first step involved suspending the onboarding of new users from the country. Then, as per the announcement, on 14 April, dYdX will transition all Canadian users into a “close-only mode,” permitting them to only withdraw their funds.

Read dYdX [DYDX] Price Prediction 2023-24

dYdX is a decentralized exchange (DEX) that operates on the Ethereum [ETH] blockchain. Through this platform, users can engage in peer-to-peer trading of cryptocurrencies and various other digital assets without intermediaries, unlike centralized exchanges. This unique approach to trading allowed for increased privacy, security, and control over one’s assets.

On February 22, the Canadian Securities Administrators (CSA) released a notice outlining the new requirements for crypto asset trading platforms (CTPs) looking to register in Canada. These CTPs, like dYdX, must now agree to a new version of preregistration undertakings (PRUs), which are legally binding documents. Regulated CTPs will receive notification from their principal regulators regarding compliance with these new obligations.

The updated commitments aim to enhance investor protections in response to the recent wave of CTP insolvencies in 2022. Specifically, the regulators referred to the insolvencies of FTX, Celsius, and Voyager in the document. As a result of these stricter regulations, there is a possibility that more CTPs could exit the Canadian market in the future.

Even before the aforementioned announcement, there had been a noticeable impact on dYdX’s active addresses. According to data from Santiment, there has been a decline in the number of