Crypto Exchange Bitfinex Stops Servicing Ontario Customers, Asks Users to Withdraw Funds

Crypto Exchange Bitfinex Stops Servicing Ontario Customers, Asks Users to Withdraw Funds

Cryptocurrency exchange Bitfinex has asked its Ontario users to withdraw their funds since they will no longer have access to any services offered by Bitfinex in March.

Bitfinex Stops Providing Services to Ontario Customers

Crypto exchange Bitfinex announced Friday that it is making changes to the services it provides to Ontario customers.

Effective immediately, the firm said that “Ontario customers who do not have balances on the platform will have their accounts closed.”

In addition, those who do not have open positions in the platform’s peer-to-peer financing markets will no longer have access to those markets. “Ontario customers who do not have open margin positions or ‘borrowing’ positions in our peer-to-peer financing markets will no longer have access to open margin positions or engage in ‘borrowing,'” the firm further detailed, adding:

Starting on March 1, 2022, Ontario customers will no longer have access to any services.

“Additionally, Ontario customers should withdraw funds from Bitfinex on or before March 1, 2022,” the exchange advised.

The Ontario Securities Commission (OSC) has been cracking down on unregistered crypto exchanges.

The Canadian regulator recently came down on Binance for operating without authorization. “No entity in the Binance group of companies holds any form of securities registration in Ontario,” the OSC stressed. “This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province.”

What do you think about Bitfinex pulling out of the Ontario crypto market? Let us know in the comments section below.

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