The New York-based crypto platform, Paxos, recently announced that it would stop offering services to customers based out of Canada. This comes after a number of Canadian users reported receiving an email from the firm stating that it would be winding down services from early next month.

What comes as a surprise to many, Paxos abruptly notified its Canadian users on Wednesday of an early departure as it plans to disable all customer accounts on May 9. In its email, the crypto firm was quoted as saying:

Paxos has determined it will no longer support customers in Canada moving forward. Given your Paxos account remains unfunded, your account will be disabled.

According to Block’s report, the sudden decision came as a part of growing regulatory concerns in the country. Earlier this week, another reputable cryptocurrency platform dYdX — which operates as a decentralized crypto derivatives exchange (DEX) — said that it would no longer be accepting new members based in Canada.

(By Pratik Bhuyan)