"There's a reason they do that, maybe they don't want to lose anymore."
Today came the news of New York-based cryptocurrency platform Paxos announcing that they will stop offering services to Canadian-based customers.
This has happened shortly after Canadian users received an email from the company stating that they will be discontinuing the service starting early next month.
Most unexpectedly, Paxos abruptly notified Canadian users on Wednesday of its initial shutdown as the company plans to disable all customer accounts on May 9.
It is widely known that the following actions were taken after regulatory concerns in Canada grew.
The Canadian Securities Administrators in February appeared to impose new, stricter rules while the financial watchdog warned all crypto exchanges and trading platforms to comply with investor protection commitments.
In addition to Paxos, the well-known crypto platform that operates as a decentralized crypto derivatives exchange (DEX) earlier this week announced that it will no longer accept new members based in Canada.
Meanwhile, Paxos is also under pressure from United States (US) regulators and received an additional order from the New York Department of Financial Services to stop issuing BUSD as it is considered an unregistered security.
