What has changed?
- Canadian clients with existing assets in a non-interest earning Transaction Account can only use such assets to manage their Dollar Loans. Otherwise, such assets must be withdrawn from the Ledn platform.
- Dollar Loans are no longer available to residents of QC, NB, NS, and SK. Dollar Loans (including the ability to renew or refinance an existing loan) continue to be available to Canadian clients who reside in other provinces.
- B2X Loans are no longer available to Canadian clients.
- The Trade function is no longer available to Canadian clients.
Our client success team is available to help you understand how to best manage your Ledn account going forward. You can reach out to them at support@ledn.io to get personalized support.
Why are the changes happening?
Since 2021, Ledn has been working collaboratively with Canadian regulators to determine a constructive regulatory pathway in Canada for Ledn’s business.
As a result of such discussions, Ledn has made the decision to wind-down its Savings Accounts (which are now Growth Accounts) and B2X Loans in Canada.
Ledn looks forward to reaching back out to Canadian clients when it is in a position to reintroduce additional products in Canada.
How are Dollar Loans impacted?
There are no changes to the availability of Dollar Loans for Canadian clients, including the ability to take out a new loan or to renew or refinance an existing one, except for residents of QC, NB, NS, and SK.
There are some changes as to how you can manage your Dollar Loan going forward:
Managing your loan:
- Any existing digital assets you have in your Transaction Account can be used to top up your loan to avoid loan liquidation as a result of your loan reaching 80% LTV.
- Auto Top-up: auto top-ups continue to work as long as you have enough digital assets in your Transaction Account to top up the loan and reduce your LTV.
You are no longer able to add new digital assets into your Transaction Account. If you do not have a sufficient amount of existing digital assets in your Transaction Account, you must top up collateral for your loan by transferring digital assets on-chain from your external wallet directly to your loan collateral wallet. You can learn more about this process here.