When you are initiating a withdrawal to a new address, or adding a new wallet address to your account, Newton may prompt you to confirm that you are the owner of the wallet. This is done to ensure that we follow the reporting requirements established by one of our regulators, FINTRAC. To satisfy these reporting requirements, we must record who the conductor (i.e. “initiator”) and the beneficiary (“receiver”) of the crypto transfer.
Not all crypto transfers are reported. Transfers in excess of $1,000 within a 24 hour period are reportable as Travel Rule Transactions (TRTs). Transfers in excess of $10,000 within a 24 hour period are reported as Travel Rule Transactions as well as Large Virtual Currency Transactions (LVCTs).