Due to FINTRAC regulations, we must report cryptocurrency transfers into your account when the total adds up to $10,000 CAD or more in a 24-hour period. These transfers are referred to as Large Virtual Currency Transactions (LVCTs) and the reports that we have to submit are 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 24 to 48 hours. Afterward, your LVCTs will be automatically released to your account once you indicate whether or not you were the initiator of the transfer.