Bitfinex withdraws from Ontario amid major push against centralized exchanges

HeadlinesNewsBitfinex withdraws from Ontario amid major push against centralized exchanges

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Bitfinex withdraws from Ontario amid major push against centralized exchanges

The Block11 days ago
Published on January 14, 2022 22:23 GMT+00:00edited on January 18, 2022 14:29 GMT+00:00

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On January 14, Bitfinex announced that it will close user accounts in Ontario at the beginning of March. In its announcement, the exchange wrote:

"Starting on March 1, 2022, Ontario customers will no longer have access to any Services. Any Ontario customers who have open positions in our peer-to-peer financing markets are advised to immediately start exiting those positions in preparation for March 1, 2022."

Canadian securities regulators have been increasing oversight of custodial cryptocurrency exchanges, requiring them to register as securities exchanges or exit those respective provincial markets. As home to the largest equities market in the country, Ontario's securities regulator has spearheaded these efforts. 

In August, The Block reported that the first two crypto platforms to …