As per FINTRAC guidelines, all Canadian crypto trading platforms must report when they 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. 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 Success team will have to manually review it in a one-time process before the funds are released. For more information on FINTRAC's large virtual currency transaction reports, visit their page here.