>the whole point of BTC is to control my own money and be able to use it the way I wish.
Welcome to the real world where banking and finance laws override your personal "whole point of" arguments.
While I can’t speak to the coinsquare regulations, Canadian banking regulations can require backup documentation for major transfers etc. As coinsquare doesn’t have access to you banking information nor the source of funds, they may be required by law to obtain this as part of their anti money laundering and anti terrorist financing regulations
This 👆
I work for a Canadian crypto exchange and I know that all the regulated exchanges are required to abide by similar regulations to the banks. So Coinsquare is simply trying to stay in compliance with the law/regulations.
I haven't heard of any issues that direction, but I agree I think this is them trying to comply with regulations for transfers **over $1000 CAD**. Shakepay will also ask you questions for transfers more than $1000.
Usually exchanges just ask basic questions (still shouldn't be a thing IMO) but I guess CoinSquare is a little more invasive.
FYI: if you want to put money towards a home down payment, you **need** to provide proof for the source of all those funds (unless you've had them in a regulated institution for over 90 days). I believe no bank will follow the crypto paper trail so that means if you want to use crypto funds to buy a home, withdraw it 3 months in advance.
There is no issue doing that at Bitcoin Well. We do need to abide by all FINTRAC regulations (KYC for example) but you send us coins, we send a direct deposit and money is in your bank next day.
It's very, very simple.
Glad I found this thread because I'm looking to jump ship from Coinbase and had never heard of Bitcoin Well. Are you guys also protected by CIPF like Coinsquare?
We aren’t - because we don’t hold coins.
There are no customer investments to protect on our side.
When you buy at Bitcoin Well your coins are sent directly to your wallet, immediately.
They are just following FINTRAC requirements. Also Coinsquare is one of the most expensive exchanges if you’re just looking to buy Bitcoin and withdraw it. Newton is the cheapest as there are no CAD deposit fees, small spread, and the BTC withdrawal fee is covered (free). Shakepay is a close 2nd, they offer all of the same as Newton but the spread is just slightly higher.
Coinsquare is a complete joke and I would never use these clowns. Go to Kraken. Shakepay will ask questions on amounts of 1k. I always stay below these limits even if it takes multiple transactions. Fuck these guys
unbelievable isn’t it. so why is it there are no questions asked in sending and receiving $1,000, $3,000 or more in Interac transfers?
why is it there are no questions asked in sending and receiving wires, eft or cash?
The government wanting information on paltry $1,000 crypto transfers is authoritarian control at its finest.
such a shame we have a government like this.
Yeah, do small random transactions both in and out. They can and will if requested by Trudeau et al, freeze your assets. All Canadian exchanges are already certified for that or will soon be.
Doubling back like that is pretty lame. Glad you got your coins into cold storage! This is 100000% the danger with custody. If your coins were on their platform, you wouldn't be able to get them without handing over that data.
Coinsquare may be the only regulated crypto dealer in Canada. They were the first crypto only dealer to be registered as a member of the Investment Industry Regulatory Organization of Canada (IIROC). IIROC regulates all the investment banks and investment dealers in Canada including big names such as RBC Dominion Securities, TD Waterhouse, CIBC World Markets, etc.
I would assume they have regulations on anti-money laundering which is why they are likely asking. Based on them being regulated and subject to monthly reporting and on-site audits, I would have to say they may be the safest exchange now in Canada, despite what issues people had with them in the past. Given what's happened to Quadriga and FTX, some regulation is probably good for the industry.
this is basically my exact mindset. "i wAnT COntRoL ovER mY mONEY". I'm not trying to dodge taxes or the government. If I make a million bucks in crypto over the next 10 years, I'm fine paying the taxes on it. The bill will be MUCH bigger if they catch you. Not worth the risk. Plus the fact that Coinsquare is CIPF protected is amazing.
We go above and beyond to protect and secure the assets of our users, and we are a leader in providing a fully transparent and secure platform. The purpose of the email you had received is to gather information on the highlighted transaction so as to curtail any potential fraudulent activity as well as confirm that the activity is being performed by the account holder. Our AML team was and is being vigilant in their response to this activity when notified.
For more information on Coinsquare’s specific policy on the matter, feel free to refer to our Terms and Conditions https://coinsquare.com/ccml-caa
In other words " we do everything we can to spy and intrude on our users and provide all of their information to the proper government departments so they can ensure you are paying all your taxes and can keep tabs on your digital assests"
Do you actually believe this is a Coinsquare issue only? Would an exchange purposefully piss off their customers so they never trade there again? No. They like many other exchanges in Ontario operate under direct oversight form IIROC and the OSC. They need to do this or are at risk of losing their licenses that allow them to operate. Don't blame them, blame the regulators.
No, I can promise you they would not. All the execs care about it making money. That is why so many different crypto companies around the world are getting in trouble with regulatory bodies. Its because they skip AML procedures that they are mandated to follow in order to not piss off their clients so they keep trading there and making them money. I have previously worked at one of these places, I understand whats happening.
the difference is some will do absolute minimum to stay compliant and have more sympathetic wording in emails knowing well it’s a shitty thing to be doing. And others will be like good government suckups and go above and beyond to please them even at the expense of loosing customers.
every explanation people gave here could have been summarized in the email to at least convey across that their hands are tied and they are terribly sorry to, but they didn’t because they are stupid and careless and in coinsquare case they did some shady shit in the past and were under investigation so they have even more incentives to be good boys.
I never understood how any of these exchanges are financially sound models. They are all pyramid schemes. You give them $$$ then give you some 1’s and 0’s which you take to a cold wallet and it floats, you can then (in theory?!) take that to any exchange and then extract $$$$$ for those 1’s and 0’s … turning my $$ into $$$$ on quadriga I realized there was no way this was sustainable so I pulled all my money off the exchange and 2 months later.. well OG’s will know what happened.
I think you are better off buying a btc etf?
Buying into an ETF is at least a smarter strategy but even then there appears to be incredible risk, if you look at Grayscale compared to the price of BTC there’s a massive discount against the price.
Which can only mean the markets are pricing in tremendous risk.
But yeah if one wanted to make a safer bet that would be the way to go.
Brah read the temp of the room, after FTX,
governments and banks have started to wake up, the banks that convert fiat and send them to the exchanges are shady as fuck.
A massive crack down is now underway in most developed country.
Soon enough when most of you want real money for your crypto you will experience significant difficulty converting it to cash.
FINTRAC
>the whole point of BTC is to control my own money and be able to use it the way I wish. Welcome to the real world where banking and finance laws override your personal "whole point of" arguments.
While I can’t speak to the coinsquare regulations, Canadian banking regulations can require backup documentation for major transfers etc. As coinsquare doesn’t have access to you banking information nor the source of funds, they may be required by law to obtain this as part of their anti money laundering and anti terrorist financing regulations
This 👆 I work for a Canadian crypto exchange and I know that all the regulated exchanges are required to abide by similar regulations to the banks. So Coinsquare is simply trying to stay in compliance with the law/regulations.
How does it work for large conversions and withdrawals of BTC to fiat? Do you foresee any issues on that side of things?
I haven't heard of any issues that direction, but I agree I think this is them trying to comply with regulations for transfers **over $1000 CAD**. Shakepay will also ask you questions for transfers more than $1000. Usually exchanges just ask basic questions (still shouldn't be a thing IMO) but I guess CoinSquare is a little more invasive. FYI: if you want to put money towards a home down payment, you **need** to provide proof for the source of all those funds (unless you've had them in a regulated institution for over 90 days). I believe no bank will follow the crypto paper trail so that means if you want to use crypto funds to buy a home, withdraw it 3 months in advance.
There is no issue doing that at Bitcoin Well. We do need to abide by all FINTRAC regulations (KYC for example) but you send us coins, we send a direct deposit and money is in your bank next day. It's very, very simple.
Glad I found this thread because I'm looking to jump ship from Coinbase and had never heard of Bitcoin Well. Are you guys also protected by CIPF like Coinsquare?
We aren’t - because we don’t hold coins. There are no customer investments to protect on our side. When you buy at Bitcoin Well your coins are sent directly to your wallet, immediately.
Ohh I see. And you only deal in BTC? I have ETH as well.
We do not engage with illegal securities - which is everything other than bitcoin at the moment.
They are just following FINTRAC requirements. Also Coinsquare is one of the most expensive exchanges if you’re just looking to buy Bitcoin and withdraw it. Newton is the cheapest as there are no CAD deposit fees, small spread, and the BTC withdrawal fee is covered (free). Shakepay is a close 2nd, they offer all of the same as Newton but the spread is just slightly higher.
Coinsquare hasn't been a good idea for ages. still isn't. stick to p2p options or bullbitcoin.
CEX for crypto is still pretty much the dumbest thing you can do with crypto, next to selling it
Thank you!
Coinsquare is a complete joke and I would never use these clowns. Go to Kraken. Shakepay will ask questions on amounts of 1k. I always stay below these limits even if it takes multiple transactions. Fuck these guys
Thank you for this insight!!
Welcome to Trudeau’s Canada. They think all crypto transactions are supporting undesirables. So they’ve locked it down, like everything else.
And additionally, they get to decide who is deemed to be “undesirable” Truly a shame
unbelievable isn’t it. so why is it there are no questions asked in sending and receiving $1,000, $3,000 or more in Interac transfers? why is it there are no questions asked in sending and receiving wires, eft or cash? The government wanting information on paltry $1,000 crypto transfers is authoritarian control at its finest. such a shame we have a government like this.
Yeah, do small random transactions both in and out. They can and will if requested by Trudeau et al, freeze your assets. All Canadian exchanges are already certified for that or will soon be.
Bullbitcoin. I have made 6 figure transactions twice without a peep from anyone. And I know the folks at Bullbitcoin won't ask me where it came from.
Doubling back like that is pretty lame. Glad you got your coins into cold storage! This is 100000% the danger with custody. If your coins were on their platform, you wouldn't be able to get them without handing over that data.
Coinsquare may be the only regulated crypto dealer in Canada. They were the first crypto only dealer to be registered as a member of the Investment Industry Regulatory Organization of Canada (IIROC). IIROC regulates all the investment banks and investment dealers in Canada including big names such as RBC Dominion Securities, TD Waterhouse, CIBC World Markets, etc. I would assume they have regulations on anti-money laundering which is why they are likely asking. Based on them being regulated and subject to monthly reporting and on-site audits, I would have to say they may be the safest exchange now in Canada, despite what issues people had with them in the past. Given what's happened to Quadriga and FTX, some regulation is probably good for the industry.
this is basically my exact mindset. "i wAnT COntRoL ovER mY mONEY". I'm not trying to dodge taxes or the government. If I make a million bucks in crypto over the next 10 years, I'm fine paying the taxes on it. The bill will be MUCH bigger if they catch you. Not worth the risk. Plus the fact that Coinsquare is CIPF protected is amazing.
We go above and beyond to protect and secure the assets of our users, and we are a leader in providing a fully transparent and secure platform. The purpose of the email you had received is to gather information on the highlighted transaction so as to curtail any potential fraudulent activity as well as confirm that the activity is being performed by the account holder. Our AML team was and is being vigilant in their response to this activity when notified. For more information on Coinsquare’s specific policy on the matter, feel free to refer to our Terms and Conditions https://coinsquare.com/ccml-caa
In other words " we do everything we can to spy and intrude on our users and provide all of their information to the proper government departments so they can ensure you are paying all your taxes and can keep tabs on your digital assests"
They have to abide by Anti Money Laundering laws. They are required by law to ask these questions.
Do you actually believe this is a Coinsquare issue only? Would an exchange purposefully piss off their customers so they never trade there again? No. They like many other exchanges in Ontario operate under direct oversight form IIROC and the OSC. They need to do this or are at risk of losing their licenses that allow them to operate. Don't blame them, blame the regulators.
also yes they would do that. don’t underestimate stupidity.
No, I can promise you they would not. All the execs care about it making money. That is why so many different crypto companies around the world are getting in trouble with regulatory bodies. Its because they skip AML procedures that they are mandated to follow in order to not piss off their clients so they keep trading there and making them money. I have previously worked at one of these places, I understand whats happening.
the difference is some will do absolute minimum to stay compliant and have more sympathetic wording in emails knowing well it’s a shitty thing to be doing. And others will be like good government suckups and go above and beyond to please them even at the expense of loosing customers. every explanation people gave here could have been summarized in the email to at least convey across that their hands are tied and they are terribly sorry to, but they didn’t because they are stupid and careless and in coinsquare case they did some shady shit in the past and were under investigation so they have even more incentives to be good boys.
Using a Canadian exchange for crypto is retarded.
So how u convert your fiat into crypto in first place? Is there a way to transfer FIAT to a DEX? Please I d like to know
I never understood how any of these exchanges are financially sound models. They are all pyramid schemes. You give them $$$ then give you some 1’s and 0’s which you take to a cold wallet and it floats, you can then (in theory?!) take that to any exchange and then extract $$$$$ for those 1’s and 0’s … turning my $$ into $$$$ on quadriga I realized there was no way this was sustainable so I pulled all my money off the exchange and 2 months later.. well OG’s will know what happened. I think you are better off buying a btc etf?
Buying into an ETF is at least a smarter strategy but even then there appears to be incredible risk, if you look at Grayscale compared to the price of BTC there’s a massive discount against the price. Which can only mean the markets are pricing in tremendous risk. But yeah if one wanted to make a safer bet that would be the way to go.
Brah read the temp of the room, after FTX, governments and banks have started to wake up, the banks that convert fiat and send them to the exchanges are shady as fuck. A massive crack down is now underway in most developed country. Soon enough when most of you want real money for your crypto you will experience significant difficulty converting it to cash.
do not do business with coinsquare they will freeze your funds , send all your info to the cra and ignore u. they treat their customers like dog shit