Bitfinex advises users residing in Ontario to close their accounts before March 1

In an announcement made on Friday, Bitfinex said it would immediately close the accounts of Ontario-based customers who had no balances on the platform. In addition, he planned to restrict 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 one of the approximately 15 million residents of Ontario (which includes Toronto and Canada’s capital Ottawa) “will no longer have access to any services” as of March 1. The platform advised clients to withdraw their funds before the stipulated date.

Although Bitfinex did not mention the Ontario Securities Commission, or OSC, the region’s financial watchdog has been responsible for cracking down on crypto exchanges operating in the area, 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 persons or companies located in the province”, after the exchange reportedly told its users that it may continue to offer services in the region. Binance reportedly said that there was a miscommunication on the matter.

Bitfinex has also been targeted by US regulators. In October, the Commodity Futures Trading Commission fined the exchange and its sister company Tether $42.5 million for allegedly facilitating “illegal off-exchange retail commodity transactions in digital assets with U.S. persons.” “. The New York Attorney General’s Office previously ordered the two firms to pay $18.5 million in damages and submit to periodic reporting of their reserves.

Bitfinex announced that users residing in the Canadian province of Ontario will no longer have access to many of its services as of March 1.

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