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Crypto Exchange Bitfinex Informs Ontario Customers To Close Accounts

Bitfinex, a cryptocurrency exchange, has instructed its Ontario clients to withdraw all of their assets by March 1, 2022.

From March 1, customers of cryptocurrency exchange Bitfinex, situated in Canada’s most populated city, will no longer be able to use the exchange’s services.

This action has been taken for no apparent reason, according to the exchange. Bitfinex has requested all of its Ontario customers to withdraw their cash from the cryptocurrency exchange by March 1.

Customers with no account balances will have their accounts canceled on January 15, 2022. As a result, users who do not have open positions in the exchange’s peer-to-peer financing markets will be unable to access them. Furthermore, consumers who do not have open margin positions will no longer be able to borrow or use margin.

The OSC has declined to comment on Bitfinex’s decision, and Bitfinex has not responded to a request for more information.

So, Though Bitfinex has not stated why it made the abrupt decision, informed sources claim that the Ontario Securities Commission,. That’s, the region’s financial watchdog, is responsible for cracking down on crypto exchanges operating in the province. Lastly, OKEx, By Bit, KuCoin, and Polo Digital Assets are among the participants.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.