Bitfinex advises Ontario-based users to close accounts by March 1

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In an announcement on Friday, Bitfinex said it would immediately close the accounts of Ontario-based customers who have no balance on the platform. Additionally, it planned to restrict access to those who do not have open positions in the exchange’s peer-to-peer funding market or open margin positions.

Users who have balances or open positions on Bitfinex and who are among the approximately 15 million residents of Ontario – which includes Toronto and the nation’s capital of Ottawa – “will no longer have access to any service” at from March 1. customers to withdraw funds before the effective date.

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Although Bitfinex did not mention the Ontario Securities Commission, or OSC, the region’s financial watchdog has been tasked with cracking down on crypto exchanges operating in the region, including OKEx, Bybit, KuCoin, and Polo Digital Assets. In December, the CSO issued a notice that Binance was not permitted “to offer transactions in derivatives or securities to persons or companies located in the province” after the crypto exchange reportedly said to its users that it would be able to continue to offer services in the region. Binance reportedly said there was miscommunication on the matter.

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Related: Amid Ongoing Legal Proceedings, Bitfinex Announces Tether Loan Repayment

Bitfinex has also been targeted by US regulators. In October, the Commodity Futures Trading Commission fined the crypto exchange and its sister company Tether $42.5 million, as Bitfinex allegedly facilitated “illegal off-exchange trading of retail commodities in digital assets with American people”. The New York Attorney General’s office had previously ordered the two companies to pay $18.5 million in damages and submit to periodic reports on their reserves.

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Crypto exchange Bitfinex has announced that users based in the Canadian province of Ontario will no longer have access to many of its services from March 1.