Bitfinex will discontinue services for Ontario customers in March.

Bitfinex has confirmed the suspending of services to its Ontario clients. Furthermore, the exchange has told its Ontario customers that they must remove their assets by March 1.

Bitfinex stated today that it will be discontinuing its services in Ontario as of March 1. Customers will have till that date to close down their holdings and withdraw their monies from the exchange.

Other policy modifications go into effect immediately. To begin, all unfunded Ontario-based accounts must be cancelled immediately. Second, Ontario clients who do not have any open positions in the platform’s peer-to-peer financing marketplaces will lose access to them immediately. Finally, those Ontario clients who do not already have open margin positions would be unable to access them immediately.

The “Important Notice” gives no explanation for the abrupt adjustments and service interruptions.

The platform’s decision to stop providing services to Ontario citizens might be due to regulatory pressure, something Bitfinex is no strangers to. In 2018, New York Attorney General Letitia James filed a lawsuit against Tether and its parent business, iFinex (also the parent company of Bitfinex), alleging that Tether provided a $750 million loan to the platform to assist the exchange cover its losses.

The company repaid the debt in full in February of last year. However, in October 2021, the Commodity Futures Trading Commission ordered Bitfinex to pay $1.5 million in fines for participating in unlawful trades and failing to register properly as a Futures Commission Merchant, among other violations.

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Patrick

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