Due to FINTRAC regulations, all Canadian crypto trading platforms must report cryptocurrency transfers into your account when the total adds up to $10,000 CAD or more in any 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.
The first time you get such a transfer, our customer experience team will have to manually review it in a one-time process before the funds are released.
However, there are also times when your LVCT will have already deposited before we ask you to confirm it. This includes cases where you received an LVCT in the period from June 1, 2021, to December 1, 2021, as well as cases where you received multiple smaller transfers that eventually add up to $10,000 CAD or more. In these cases, we will still require that you confirm the transactions as we must still report them to FINTRAC. For more information on FINTRAC's large virtual currency transaction reports, visit their page here.