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

In an announcement on Friday, Bitfinex saying would be immediately closing the accounts of Ontario-based customers who do not have balances on the platform. In addition, he 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 open balances or positions on Bitfinex and are one of the estimated 15 million residents of Ontario, which includes Toronto and the nation's capital city Ottawa, "will no longer have access to any services" as of 1 of March. The exchange advised clients to withdraw funds before the effective date.

Although Bitfinex did not mention the Ontario Securities Commission or CSO, the region's financial watchdog has been responsible for crack down on crypto exchanges operating in the area, including OKEx, Bybit, KuCoin and Polo Digital Assets. In December, the CSO issued a notice that Binance was not authorized to “offer trading in derivatives or securities to persons or companies located in the province” after the cryptocurrency exchange reportedly told its users that it may continue to offer services in the region . Binance reportedly saying there was a lack of communication on the subject.

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

Bitfinex has also been targeted by US regulators. In October, the Commodity Futures Trading Commission fined the cryptocurrency exchange and its sister company Tether $42.5 million, with Bitfinex allegedly facilitating “illegal off-market retail commodity transactions in digital assets with US persons.” The New York Attorney General's Office previously ordered the two firms to pay $18.5 million in damages and submit to regular reports on their reserves.

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