Another move came from Paxos, after dYdX recently announced that it would stop serving Canadian customers.
Paxos, one of the most important service and product providers in the crypto industry, sent an e-mail explaining the situation to Canadian customers.
"Paxos has decided not to support Canadian customers. Customers residing in the country will have their accounts disabled as of May 9, 2023."
Although the reason for the decision is not disclosed through official channels, the statement made by dYdX for its own situation may be a reference to Paxos. The decentralized crypto trading platform has decided to block customers from accessing the app due to regulatory rules enforced by the Canadian government.
The country's securities executives added huge obligations on crypto startups with the new regulation they made in February.
Open Door from Paxos Spokesperson
Speaking to sources, a Paxos spokesperson emphasized that the company is focused on corporate customers and growth. The official stated that they could reconsider their decision regarding Canada in the future.
Headquartered in the United States, the crypto organization is under great pressure. As a result of the SEC's letter in February, Paxos was forced to suspend the issuance of Binance's stablecoin BUSD.