Cryptocurrency exchange Bitfinex stops serving Ontario customers, asking users to withdraw funds

Cryptocurrency exchange Bitfinex has asked its Ontario users to withdraw their funds as they will no longer have access to any services offered by Bitfinex in March.

Bitfinex stops providing services to Ontario customers

Cryptocurrency exchange Bitfinex announced Friday that it is making changes to the services it provides to Ontario customers.

Effective immediately, the company said that “Ontario customers who do not have balances on the platform will have their accounts closed.”

Additionally, anyone who does not have open positions in the platform’s peer-to-peer funding markets will no longer have access to these markets. “Ontario customers who do not have open margin positions or ‘loan’ positions in our peer-to-peer funding markets will no longer have access to open margin positions or participate in ‘loans,'” the company detailed, adding:

As of March 1, 2022, Ontario customers will no longer have access to any services.

“Furthermore, Ontario customers should withdraw funds from Bitfinex by March 1, 2022,” the exchange advised.

The Ontario Securities Commission (OSC) has been cracking down on unregistered cryptocurrency exchanges.

The Canadian regulator recently removed Binance for operating without authorization. “No entity within the Binance group of companies has any form of securities registration in Ontario,” the OSC emphasized. “This means that they are not authorized to offer derivatives or securities trading to persons or companies located in the province.”