Amid the tightening of the Ontario Securities Commission’s policy regarding cryptocurrency exchanges, the Bitfinex trading platform will stop providing services to clients from the province from March 1.
Cryptocurrency exchange Bitfinex has announced that it will stop serving users from the Canadian province of Ontario. According to the statement, the accounts of clients who do not have assets on the exchange will be blocked.
Users who do not have open positions in the exchange’s peer-to-peer funding markets will lose access to those markets. Thus, the provision of funding to margin traders or users of Bitfinex Borrow will become unavailable.
For all Ontario users who have open positions in the peer-to-peer funding markets, the exchange recommends that they begin to close those positions. Bitfinex emphasizes that customers must withdraw funds from Bitfinex no later than March 1, 2022.
Recall that from June 1, 2020, Canada began to regulate the activities of all cryptocurrency firms. They are now required to register with the Financial Transactions and Reporting Analysis Center of Canada (FINTRAC).
Late last year, the Ontario Securities Commission (OSC) warned users that the Binance cryptocurrency exchange is not registered with the regulator and cannot provide services in the province. Earlier, the OSC accused the Poloniex exchange of violating securities laws.
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