CoinField – European cryptocurrency exchange is no longer available in Canada and some parts of the world. CoinField used to be a convenient way for Canadians to buy and sell cryptocurrencies with free CAD deposits.
Unfortunately, CoinField is no longer active in Canada. The Ontario Securities Commission (OSC) does he stated that the exchange does not have adequate assets to satisfy withdrawal requests.
“CoinField did not, and still does not, have sufficient crypto assets to satisfy investor withdrawal requests,” the OSC said. CoinField’s CEO allegedly told OSC and investors, the reason for delays in payments was “continuous audit”, however, the OSC believes that the real cause is insufficient assets.
Withdrawal requests remain pending.
How can I withdraw my assets from CoinField?
Unfortunately, you may never be able to withdraw your assets from CoinField. It appears that the trading platform does not have enough assets to fulfill your withdrawal requests, which means your funds are probably gone.
We always urge our readers to take control of their assets and remove their cryptocurrencies from exchanges. A safe way to store cryptocurrencies is with your own wallet – especially a hardware wallet. You can read our previous article on the best cryptocurrency wallets for Canadians here.
Is CoinField a scam?
CoinField was not a scam and it was registered with FINTRAC, which has strict regulations regarding exchanges in Canada. However, the OSC says that since 2018, CoinField has operated an unregistered trading platform in Ontario allowing residents to trade securities and derivatives.
While cryptocurrency exchanges may seem legal and even compliant, that doesn’t mean they are completely safe. The unexpected can happen instantly, as we saw with the collapse of FTX. Therefore, it is important to protect your crypto assets by withdrawing them to a private wallet.
Only use cryptocurrency exchanges that are fully registered with FINTRAC and dispose of your assets as quickly as possible. You can check out our previous article on the best cryptocurrency exchanges in Canada here.
