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Canadian users are advised to close their accounts before March 1 by Bitfinex

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Bitfinex announced on Friday that it is closing the accounts of Ontario-based customers with no balances, Let's understand the reason


Several crypto exchanges operating in the Greater Toronto Area have been bulldozed by the Ontario Securities Commission, including Binance, OKEx, Bybit, KuCoin, and Polo Digital Assets.

Bitfinex announced on Friday that it is closing the accounts of Ontario-based customers with no balances. Furthermore, it plans to restrict access to those who do not have open positions in the peer-to-peer lending market or open margin positions.

The roughly 15 million residents of Ontario, which includes Toronto and Ottawa, who have balances or open positions on Bitfinex "will no longer have access to any services" beginning March 1. Users were urged to remove funds before it became effective.

However, Bitfinex failed to mention the Ontario Securities Commission, or OSC, which has cracked down on many crypto exchanges operating in the area, including OKEx, Bybit, KuCoin, and Polo Digital Assets. Binance was notified by the OSC in December that it was not authorized to "offer trading in derivatives or securities" to people or companies located in Ontario. That followed a rumor that Binance would continue to offer services to people in the region. Binance reportedly said there was a miscommunication on the issue.

The cryptocurrency exchange Bitfinex has announced users residing in the Canadian province of Ontario can no longer access many of its services from March 1.

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