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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.

 

As part of the requirement, we must specify who initiated the crypto transfer. Therefore, whenever you receive a crypto transfer that qualifies as an LVCT, you must log in to the app and indicate whether or not you initiated the transaction. As a reminder, please note that our Terms of Use states that you agree and acknowledge that you are the initiator and beneficiary of all transfers to your account, to the extent that the transfer is within your control.

 

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.