Crypto Exchange Bitfinex Informs Ontario Customers To Close Accounts

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Bitfinex

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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