It is unclear why Bitfinex is ending its services in Ontario, but it has instructed those customers to withdraw their funds.
- Cryptocurrency exchange Bitfinex has announced the imminent suspension of its services to customers in Ontario.
- The exchange instructed its Ontario-based customers to withdraw their funds by March 1.
- While it is unclear why Bitfinex made these moves, it could be due to compliance concerns, as it has faced issues on that front before.
Bitfinex has announced the suspension of services to its customers in Ontario. Moreover, the exchange has instructed its Ontario customers to withdraw their funds by March 1.
Suspension of Services
Bitfinex announced today that it would be suspending all of its services in Ontario, effective March 1. Customers will have until that date to exit their positions and withdraw funds from the exchange.
Other policy changes are effective immediately. First, unfunded Ontario-based accounts are to be closed immediately. Secondly, Ontario customers with no current open positions in Bitfinex’s peer-to-peer financing markets will lose access to those markets, effective immediately. Finally, margin positions will immediately be unavailable to those Ontario customers who do not already have open margin positions.
The “Important Notice” does not provide a reason for the sudden changes and suspensions in services.
The banning of services to Ontario residents by Bitfinex could be related to regulatory pressure, to which Bitfinex is no stranger. As far back as 2018, New York’s attorney general Letitia James brought a case against Tether and its parent company iFinex (also the parent company of Bitfinex), alleging Tether gave a $750 million loan to Bitfinex to help the exchange cover its losses. In February last year, Bitfinex paid back that loan in full. However, in October 2021, Bitfinex was ordered by the Commodity Futures Trading Commission to pay $1.5 million in fines for engaging in illegal transactions and failing to register properly as a Futures Commission Merchant, among other wrongdoings.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Bitfinex Repays Tether $750 Million Loan, Ending Crypto Market FUD
Bitfinex exchange’s parent company iFinex Inc. made full payment of the $750 million loan it had taken from Tether, putting an end to speculation of wrongdoing that threatened to wind…
MDEX: Overlooked Decentralized Exchange That Pays You to Trade
Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…
U.S. Senator Slams Stablecoins
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing this morning on stablecoin regulation. Senator Sherrod Brown, who chairs the committee, was particularly wary of the technology….
Fed Chair Promises CBDC Report “Within Weeks”
In Federal Reserve Chair Jerome Powell’s renomination hearing before the Senate Banking Committee Hearing today, Powell said that a Fed report on central bank digital currencies was expected in the…