Compliance Profile by RatEx42 – dYdX Trading Inc.
🔑 Key Company Data
| Field | Details |
|---|---|
| Trading Name | dYdX / dYdX Trading Inc. |
| Legal Entity | dYdX Trading Inc. (U.S.-based), dYdX Foundation (Switzerland) |
| Activities | Development of the dYdX Protocol – decentralized perpetuals trading |
| Location | HQ: San Francisco, USA / Foundation: Zug, Switzerland |
| Regulations | Unlicensed for retail trading; operates in DeFi software development |
| Key People | Antonio Juliano (Founder & CEO), Charles d’Haussy (Foundation Director) |
| Latest News | Full migration to dYdX Chain (Cosmos SDK), token utility overhaul |
| Latest Update | April 2025 |
| PCI DSS Level | Not applicable – no card processing |
📦 Offering Overview
dYdX is a decentralized exchange platform that offers perpetual futures trading with leverage — previously on Ethereum L2 (StarkEx), now via its own Cosmos-based blockchain.
Key product features:
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Orderbook-based DEX on dYdX Chain (no AMMs)
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Low fees and deep liquidity for high-volume traders
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Self-custody & decentralized matching
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dYdX Foundation handles DAO governance
⚖️ Legal & Regulatory
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Jurisdiction:
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dYdX Trading Inc.: San Francisco, USA
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dYdX Foundation: Zug, Switzerland (handles token governance and DAO ops)
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Licensing:
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Not registered as an exchange, broker, or clearing house
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Users from the U.S. and OFAC countries are geo-blocked
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Regulatory Risk:
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High – synthetic derivatives + U.S. incorporation = potential scrutiny
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Multiple exchanges delisted DYDX token in 2023 due to classification risk
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🔐 Security & Audit Profile
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Auditors: PeckShield, Certora, Code4rena community contests
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Bug Bounty: Active via Immunefi
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Chain Status: Cosmos-based dYdX Chain is audited and open-source
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Risks: Medium — perpetuals can carry oracle/loss risks, but dYdX is mature
👤 Key Executives – Due Diligence
Antonio Juliano – Founder & CEO
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Background: Ex-Coinbase and Uber software engineer
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Vision: Built dYdX in 2017 as a decentralized alternative to BitMEX
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Public Profile: Highly active in crypto media, Twitter, and industry podcasts
Charles d’Haussy – Director, dYdX Foundation
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Former Head of APAC at ConsenSys
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Oversees legal separation and global governance of the DAO from Switzerland
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Background in finance and crypto regulatory relations
🌍 Reputation & Transparency
| Category | Score | Notes |
|---|---|---|
| Public Trust | High | One of the most respected DeFi trading platforms |
| Community Standing | High | Active forum, frequent proposals, staking and validator governance |
| Media Presence | High | Covered in Bloomberg, Bankless, The Block, CoinDesk |
| Customer Support | Moderate | Web support + docs, but no live support for DeFi users |
✅ RatEx42 Trust & Risk Score
| Metric | Rating | Color | Notes |
|---|---|---|---|
| Legal Structure | Split (US + CH) | 🟠 Orange | U.S. entity = exposure; CH foundation improves resilience |
| Regulatory Oversight | Absent | 🔴 Red | No license; derivatives = regulatory target |
| Technical Security | Strong | 🟢 Green | Audited smart contracts + Cosmos-based sovereign chain |
| PCI DSS Scope | Not applicable | ⚫ Black | No fiat or card payment system |
| Online Reputation | Excellent | 🟢 Green | Top-tier trust among DeFi traders |
| Transparency | High | 🟢 Green | Active founders, governance, and GitHub |
| Customer Support | Moderate | 🟠 Orange | Limited – not institutional-grade yet |
🧠 Conclusion
dYdX is arguably the most advanced decentralized perpetuals platform, now operating on its own appchain. It has strong technical design, proven leadership, and growing DAO governance — but also carries significant regulatory risk, particularly due to its origin in the U.S. and focus on derivatives trading.
Final RatEx42 Rating: 🟠 7.6 / 10 – “Highly Trusted Tech, High Regulatory Exposure”
