Paxos set to end support for Canadian customers next month

Quick Take

  • Paxos is following dYdX in exiting the Canadian market, according to an email obtained by The Block.

Paxos, a crypto financial services provider, is exiting the Canadian market. 

"Paxos has determined it will no longer support customers in Canada moving forward," the company told Canadian customers in an email today that was obtained by The Block. “Given your Paxos account remains unfunded, your account will be disabled on May 9th 2023.”

The move is due to regulatory reasons, a source familiar with the matter told The Block.  

Last week, decentralized crypto derivatives exchange protocol dYdX said it stopped onboarding new users based in Canada.

The dYdX and Paxos developments come after the