OSC crackdown on Unregistered crypto exchanges, like Bitfinex

Bitfinex exchange announced to stop the use of exchange and its services to avoid issues in the future. 

Bitfinex is a popular exchange and this exchange was launched in 2012 with its peer-to-peer Bitcoin exchange platform. Now this exchange has reached that level where it is giving its centralized and Decentralized services to the whole world. Its Tether subsidiary is also doing better with its native token USDT, a stable coin that has the biggest Market Cap after bitcoin and Binance coin. 

On 14 January, Bitfinex exchange announced that Exchange is very near to closing all its services, and also many services clouser have already started for the Ontario-based users. 

Through Twitter, Bitfinex exchange published a blog for the Ontario users, to explain why and how Bitfinex is going toward clouser for its Ontario-based services. 

Bitfinex confirmed that all the accounts of Ontario-based users will find that their accounts have been closed, which have no balance at the exchange. 

And also explained that all the users, who have not opened any positions in the peer-to-peer market, will not be able to access the same. And others, who are involved with active positions, are requested to close the accounts. 

Bitfinex exchange also confirmed that its services will be closed by 1 March 2022 fully for all the users from Ontario. 

“Starting on March 1, 2022, Ontario customers will no longer have access to any services. Additionally, Ontario customers should withdraw funds from Bitfinex on or before March 1, 2022,” 

This is an effect on the Ontario Securities Commission (OSC) crackdown on all unregistered crypto exchanges in the country. 

Before this, OSC ordered Binance exchange to close the offerings of its services. Even regulators ordered that the exchange is not able to provide services through another group or subsidiary. 

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