Cryptocurrency withdrawal FAQ

On this page:

What are the withdrawal fees? | Why is additional information required for some crypto deposits and withdrawals?
Why is my cryptocurrency withdrawal pending? | Why has my cryptocurrency withdrawal been rejected?

What are the withdrawal fees?

Most digital currencies are available to deposit and withdraw on the Bitbuy platform. Deposits are always free of charge, but withdrawals carry some limits and transaction fees.

Please note that withdrawal fees for certain assets are dynamic, meaning they may change according to current network conditions and activity. The most up-to-date withdrawal fee will always be displayed on the withdrawal pages within your Bitbuy account.

Bitbuy is a registered Money Services Business (MSB) regulated under the Proceeds of Crime, Money Laundering, and Terrorist Financing Act (PCMLTF) as administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). As of June 1st, 2021, many regulations related to Virtual Currencies (VC) came into effect, one of them known as the "Travel Rule", which requires us to collect the following information on VC transfers over $1,000 CAD in value:

• the name and address of the person or entity who requested the transfer (originator information); and 
• the name and address of the beneficiary. 

Bitbuy must comply with the Travel Rule requirement and take reasonable measures to ask for the information where required. When applicable, other information like Date of Birth, Occupation, or Nature of the Business may also be requested.

Why is this information necessary?

The Travel Rule has been put in place by the Department of Finance under the PCMLTF in order to comply with Recommendation 16 under the global governing body, Financial Action Task Force (FATF). This is a requirement for all MSBs in Canada dealing in VC, including Bitbuy. These MSBs had some reprieve from June 1st, 2021 to November 30, 2021, but are required to ensure that they are fully compliant as of December 1, 2021.

How does this benefit me?

As we continue to work with regulators to meet compliance requirements and combat illicit activities, Bitbuy can continue to be Canada's most trusted, secure, and safe crypto platform to better serve you long term.

For more information on these requirements, please visit: https://www.fintrac-canafe.gc.ca/guidance-directives/transaction-operation/travel-acheminement/1-eng

Why is my cryptocurrency withdrawal pending?

All cryptocurrency withdrawals are given a status of 'Pending' after they have been submitted, which will remain until the withdrawal has been processed and given a status of 'In Progress'. 

All cryptocurrency withdrawals with a status of 'In Progress' have been sent out, and you will be able to track the withdrawal on a blockchain explorer. The status of the withdrawal will remain 'In Progress' until there have been sufficient confirmations on the blockchain. Once sufficient confirmations have been met, your withdrawal will be given a status of 'Completed', and removed from your reserve balance. 

If you believe your cryptocurrency withdrawal is delayed, please follow the steps below:

1. View the transaction on the blockchain via the link provided in your account history
   
2. Confirm that the correct details were entered. (I.E. the correct wallet address and/or Memo ID)

If these steps cannot be completed, please submit a support ticket here, and we will get back to you as soon as possible.

For info on the number of confirmations required for crypto transactions, check out our fees page.

Why has my cryptocurrency withdrawal been rejected?

Reasons your cryptocurrency withdrawal has a status of 'Rejected'

If your cryptocurrency withdrawal has a status of 'Rejected', the withdrawal has been cancelled and returned to your account balances. No fees have been deducted.

• An invalid wallet address, or missing destination tag/memo ID, was submitted in the withdrawal request
• The wallet address submitted has been flagged by our system as high risk 
• The withdrawal was sent to another Bitbuy user

If you are unsure why your cryptocurrency withdrawal has been rejected, please get in touch with us with the details of the withdrawal and we will look into it further for you.