Bitfinex warn users in Ontario to shut down their accounts before next month

All Ontario-based Bitfinex users have been advised to close their accounts before the 1st of March 2022.

Reiterating this stance Bitfinex said “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.”

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The assets trading platform inform made this announcement in a blogpost detailing the “three actions” it would take:

First, Bitfinex says it will close all existing zero-balance accounts of Ontario users. Additionally, customers in the region who do not have an open position in the peer-to-peer financing markets will be restricted from using the service. Lastly, the peer-to-peer financing market will be inaccessible for margin traders and users of the Bitfinex Borrow feature who do not have an open margin position. 

The crypto firm says some of these measures will be implemented with immediate effect, while others will be activated on March 1, 2022.

Furthermore, Ontario-based Bitfinex customers have been urged to withdraw all funds from their account before the said date, and contact the platform’s support team for help if the need arises.

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