Bitfinex advises Ontario-based users to close accounts before March 1st

Bitfinex advises Ontario-based users to close accounts before March 1st

In an announcement on Friday, Bitfinex said it would immediately close accounts for Ontario-based customers who do not have funds on the platform. Additionally, the plan was to limit access to those who did not have open positions in the exchange’s peer-to-peer funding market or open margin positions.

Users who have balances or open positions on Bitfinex and are among Ontario’s approximately 15 million residents — which includes Toronto and the capital Ottawa — will “no longer have access to any services” starting March 1, the exchange announced Customers to withdraw funds before the effective date.

Although Bitfinex did not mention the Ontario Securities Commission, or OSC, the region’s financial regulator has been responsible for cracking down on crypto exchanges operating in the region, including OKEx, Bybit, KuCoin, and Polo Digital Assets. In December, the OSC issued a notice that Binance was not authorized to “offer trading in derivatives or securities to any person or entity based in the province” after the crypto exchange reportedly informed its users that it would continue to provide services in can offer to the region. Binance reportedly said there was a communication error on the matter.

Related: Amid ongoing court cases, Bitfinex announces Tether loan repayment

Bitfinex has also been the target of US regulators. In October, the Commodity Futures Trading Commission fined crypto exchange and its sister company Tether $42.5 million, with Bitfinex allegedly facilitating “illegal over-the-counter retail digital asset commodity transactions with US persons.” The New York Attorney General’s office had previously ordered the two companies to pay $18.5 million in damages and submit to regular reporting on their reserves.

Crypto exchange Bitfinex has announced that starting March 1, users based in the Canadian province of Ontario will no longer be able to access many of its services.