As per FINTRAC guidelines, we are required to report large virtual currency transactions (LVCT) to FINTRAC when we receive virtual currency in an amount equivalent to $10,000 CAD or more in a single transaction, or multiple transactions that occur within a 24 hour period. The reports that we have to submit are referred to as Large Virtual Currency Transaction Reports (LVCTRs). Currently, our 24 hour reporting period is based on Eastern Time.
The first time you receive an LVCT your transfer will be manually reviewed by the Customer Success Team. This one-time process usually takes less than 24 hours, but may exceed this timeframe during periods of increased support activity. Afterward, your LVCTs will be automatically released to your account once you indicate whether or not you were the initiator of the transfer.