Bitfinex advises Ontario customers to close accounts

Bitfinex, a cryptocurrency exchange, has requested that its Ontario users withdraw their funds, as they will no longer be able to access any of Bitfinex's services as of March 1.

The firm stated that "starting on March 1, 2022, Ontario customers will no longer have access to any services.".

Customers without account balances will have their accounts terminated starting today. Those who do not have open positions on the exchange's peer-to-peer financing markets will be denied access to those markets. And customers without open margin positions will also no longer have access to margin or borrowing.

"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," announced the firm.

Although the firm gave no reason for the move, Unregistered crypto exchanges have been cracked down by the Ontario Securities Commission (OSC), including OKEx, Bybit, KuCoin and Polo Digital Assets.

In December, the OSC issued a notice that it was still not registered in the province after the exchange informed users that it would be able to continue offering services in the region. Binance was not authorized "to offer trading in derivatives or securities to persons or companies located in the province". Binance later said there was "Miscommunication" throughout the process.