Bitfinex advises Ontario users to close accounts by March 1

In Friday’s announcement, Bitfinex Say It will immediately close the accounts of Ontario customers with no balance on the platform. Additionally, it plans to restrict access to those who have no open or open margin positions in the exchange’s peer-to-peer funding market.

Starting March 1, users with balances or open positions on Bitfinex and one of about 15 million residents of Ontario, which includes Toronto and the country’s capital, Ottawa, “will no longer receive any services.” The exchange advises clients to withdraw funds before the effective date.

While Bitfinex made no mention of the Ontario Securities Commission (OSC), the region’s financial regulator has been responsible for Crackdown on cryptocurrency exchanges Operating in the region include OKEx, Bybit, KuCoin and Polo Digital Assets. December, OSC release According to reports, Binance was not authorized “to offer derivatives or securities transactions to individuals or companies located in the province” after the cryptocurrency exchange told its users that it would be able to continue offering services in the region.According to reports, Binance Say There is a misunderstanding on this issue.

related: Amid ongoing legal action, Bitfinex announces repayment of Tether loan

Bitfinex has also been targeted by U.S. regulators. In October, the Commodity Futures Trading Commission Fines are imposed on cryptocurrency exchanges and its sister company Tether, for $42.5 million, Bitfinex allegedly facilitated “illegal over-the-counter retail commodity transactions in digital assets with Americans.”The New York Attorney General’s Office had previously ordered the two companies $18.5 million in damages paid and submit regular reports on its reserves.

Cryptocurrency exchange Bitfinex announced that from March 1, users in Ontario, Canada, will no longer be able to use many of its services.