Bitfinex Tells Ontario Customers to Shut Down Their Accounts


Bitfinex Tells Ontario Customers to Shut Down Their Accounts

One of the most prominent crypto exchanges Bitfinex has told Ontario customers to close their accounts. Since March 1, services will no longer be available to them. No official reason has been given yet behind this decision.

Here are some necessary points that need to be mentioned:

  1. Bitfinex noted that the money should be withdrawn from the accounts of Ontario citizens before March 1;
  2. The moment the information was published, people who have accounts without balance will lose access. The ones without open positions will also lose access to the markets and customers without open margin positions will not be able to use margin or borrowing;
  3. The Ontario Securities Commission (OSC) did not comment on the following decision. Bitfinex in its turn did not respond to a request for additional information.

The largest crypto exchange Binance has also been told by the OSC, that it was not registered in the Ontario province. The exchange later overturned the decision to suspend customers’ accounts. Binance noted that there has been some misunderstanding between the OSC and the exchange itself, which would be soon resolved.