Crypto Exchange Bitfinex Tells Ontario Customers to Close Accounts

Bitfinex customers in the Canadian province should withdraw all their funds on or before March 1, the exchange said.

AccessTimeIconJan 14, 2022 at 7:42 p.m. UTC
Updated May 11, 2023 at 5:52 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cryptocurrency exchange Bitfinex said customers based in Canada’s most populous province will no longer have access to any services beginning March 1. No reason was given for the move.

  • Bitfinex told its Ontario customers they should withdraw their funds on or before March 1.
  • Beginning today, customers without account balances will have their accounts closed. Those without open positions on the exchange’s peer-to-peer financing markets will lose access to those markets. And customers without open margin positions will also no longer have access to margin or borrowing.
  • Crypto exchange giant Binance was recently told by the Ontario Securities Commission that it still wasn’t registered in the province after the exchange told customers it was reversing an earlier decision to suspend their accounts. Binance later said there had been a “miscommunication” during the process, and that “it is our top priority to speak to the Ontario Securities Commission (OSC) and will seek to remedy this misunderstanding as soon as possible.”
  • The OSC declined to comment on Bitfinex's decision, while Bitfinex did not immediately respond to a request for additional detail.

UPDATE (Jan. 14, 20:55 UTC): Updated with OSC's declining to comment in last bullet point.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.