BlocksInform
in a friday announcement, bitfinex said it would be immediately closing the accounts for ontario-based customers who have no balances on the platform. In addition, it planned to restrict access to those who do not have open positions on the peer-to-peer funding market of the stock market or on open margin positions.
Users who have balances or open positions on bitfinex and are one of the roughly 15 million residents of ontario — which includes toronto and the nation's capital city of ottawa — “will no longer have access to any services” starting on march 1. The Exchange advised clients to withdraw funds prior to the implementation date.
though bitfinex did not mention the ontario securities commission, or osc, the region’s financial watchdog has been responsible for cracking down on crypto exchanges operating in the area, including okex, bybit, KUCOIN and polo digital assets. in december, the osc issued a notice that BINANCE was not authorized “to offer trading in derivatives or securities to persons or companies located in the province” after the crypto exchange reportedly told its users it would be able to continue offering services in the region. binance reportedly said there was a miscommunication on the issue.
related: Amidst ongoing litigation, Bitfinex announces the repayment of Tether's loan.
Bitfinex has also been a target for regulatory agencies in the United States. in october, the commodity futures trading commission fined the crypto exchange and its sister company tether $42.5 million, with bitfinex allegedly facilitating “illegal, off-exchange retail commodity transactions in digital assets with u.s persons.” the office of the new york attorney general previously ordered the two firms to pay $18.5 million in damages and submit to periodically reporting on their reserves.
Cryptography Exchange Bitfinex announced that users based in the Canadian province of Ontario will no longer have access to many of its services as of March 1st.
