Paxos, the cryptocurrency company, has recently announced its decision to withdraw from the Canadian market.
In an email sent to its Canadian customers, the company stated that it would no longer provide support to users in the country, with account disabling scheduled for May 9, 2023.
The move is said to be linked to changes in local policy, according to a source cited by The Block.
Paxos’ focus is now on serving and expanding its enterprise clientele in the digital asset industry.
In related news, dYdX, a popular decentralized exchange, announced last week that it was no longer accepting new users from Canada.
In February, Canadian financial regulators published new regulations for cryptocurrency exchanges and trading platforms, which prohibit unregistered platforms from allowing Canadian clients to trade cryptocurrencies, including securities or derivatives.
Finally, Canadian crypto firms WonderFi, Coinsquare and CoinSmart have announced a merger in April, creating one of the world’s largest digital asset trading platforms.