Crypto Exchange Bitfinex Stops Services for Ontario Customers, Asks Users to Withdraw Funds – Bitcoin News

Cryptocurrency exchange Bitfinex has asked its Ontario users to withdraw funds as they will no longer be able to use any of Bitfinex’s services in March.

Bitfinex stops serving Ontario clients

Cryptocurrency exchange Bitfinex announced Friday that it is changing the service it offers to Ontario customers.

“Ontario customers who do not have a balance on the platform will have their accounts closed immediately,” the company said, effective immediately.

Additionally, those who do not have open positions in the platform’s peer-to-peer funding markets will no longer be able to access those markets. “Ontario customers who do not have an open margin position or ‘borrowing’ position on our P2P funding marketplace will no longer be able to access an open margin position or engage in ‘borrowing,'” the company further detailed, adding:

Starting March 1, 2022, customers in Ontario will no longer be able to use any services.

“In addition, 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 cryptocurrency exchanges.

Canadian regulators recently conducted unauthorized operations on Binance. “None of the Binance Group of Companies entities hold any form of securities registration in Ontario,” OSC Emphasize“This means they are not authorized to offer derivatives or securities transactions to individuals or companies located in the province.”

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

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.