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.

Jan 14, 2022 at 7:42 p.m. UTC
Updated Jan 14, 2022 at 8:55 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

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.

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Michael Bellusci is CoinDesk's crypto payments reporter.

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Michael Bellusci is CoinDesk's crypto payments reporter.

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