Crypto Exchange Bitfinex Stops Servicing Ontario Customers, Asks Users to Withdraw Funds – Exchanges Bitcoin News

Bitfinex cryptocurrency exchange has asked Ontario customers to withdraw their funds as they won’t have access to Bitfinex’s services in March.

Bitfinex Stops providing services to Ontario customers

Bitfinex crypto-exchange announced Friday it will make changes in the services it offers to customers from Ontario.

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:

Ontario residents will be unable to access any service starting March 1, 2022.

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

Ontario Securities Commission (OSC), has taken steps to crack down on illegal crypto exchanges.

Binance was recently reprimanded by Canada’s regulator for not having 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.”

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BitFinex, Bitfinex canada, Bitfinex canadian users, Bitfinex ontario, Canada, Canadian crypto market, Canadian regulator, Ontario, Ontario crypto market, Ontario cryptocurrency regulator, Ontario regulator, OSC

Do you have any thoughts about Bitfinex leaving the Ontario crypto-market? Please comment below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He’s interested in Bitcoin security, open source systems, network effects, cryptography, and how economics intersect with cryptography.

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