CoinField – a European crypto 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 crypto thanks to its free CAD deposits.
Unfortunately, CoinField is no longer active in Canada. The Ontario Securities Commission (OSC) has stated that the exchange does not have adequate assets to satisfy withdrawal requests.
“CoinField did not, and continues not to have sufficient crypto assets in custody to satisfy investor withdrawal requests,” the OSC alleged. The head of CoinField allegedly told the OSC and investors the reason for withdrawal delays was due to “an ongoing audit”, however the OSC believes that the real reason is inadequate assets.
Withdrawal requests remain outstanding.
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 sufficient assets to fulfill withdrawal requests meaning your funds are likely gone.
We always urge our readers to take self-custody of their assets and remove their cryptocurrencies from exchanges. A safe way to store your cryptocurrencies is with your own wallet – especially a hardware wallet. You can read our previous article about the best crypto wallets for Canadians here.
Is CoinField a scam?
CoinField was not a scam and was registered with FINTRAC which has stringent regulations for exchanges in Canada. However, the OSC alleges that since 2018 CoinField was operating an unregistered trading platform in Ontario, allowing residents to trade securities and derivatives.
Even though Crypto exchanges can appear legitimate and even follow regulations it does not mean that they are completely safe. The unexpected can happen instantly as we saw with the collapse of FTX. It is therefore essential to protect your crypto assets by withdrawing them to a private wallet.
Only use crypto exchanges that are fully registered with FINTRAC and remove your assets as soon as you can. You can check out our previous article about the best crypto exchanges in Canada here.