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Bitfinex will close its doors in the province of Ontario on March 1, 2022

 


Following alleged pressure from the Ontario Securities and Exchange Commission, the crypto exchange has now decided to shut down operations in the large Canadian province.


In an announcement yesterday, Friday, crypto exchange Bitfinex announced that it is now closing the accounts of Ontario Canadian customers who do not have any funds on the trading platform. In addition, access is to be restricted for all users who no longer have any open positions on the exchange's peer-to-peer (P2P) marketplace.


For all other users from the province of Ontario, which is home to almost 15 million people and in which the Canadian capital Ottawa and the metropolis Toronto are located, the doors of Bitfinex will be completely closed from March 1st. Accordingly, the platform advises all affected users to write off all remaining credit by this deadline at the latest.


Although Bitfinex does not explicitly name the Ontario Securities and Exchange Commission (OSC) as the main reason for the closure in its announcement, it can be assumed that the influential authority was probably the driving force. Canada's top regulator has recently cracked down on several crypto exchanges , including OKEx, Bybit , KuCoin, and Polo Digital Assets. In December, the regulator even issued an official warning that market-leading crypto exchange Binance "is not licensed to offer trading in derivatives and equities to individuals and companies in Ontario." Binance later stated that this was a misunderstanding.


Bitfinex has previously come under the crosshairs of American regulators. In October, the Derivatives Trading Authority (CFTC) fined Bitfinex and its sister company Tether $42.5 million. The New York prosecutor had previously sentenced both companies to a fine of 18.5 million US dollars.

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