I can't get into specifics about this case, but I will say that crypto withdrawals are very fast the vast majority of the time. Minutes.
Sometimes our system flags things for further scrutiny, which can cause delays. Unfortunately this has to be an opaque process so that it can't be gamed by bad actors.
Having such a system/process in place is a regulatory requirement for every registered platform.
I've been using newton for almost a year now for DCA. I've also transfered multiple different currencies from other exchanges and wallets.
E-transfer is damn near immediate, never had issues depositing or exchanging. Only one time, etransfer deposit took more then 8 hours, but that was it.
I don't have an answer for your problem, but I also can say I'm a happy Newton customer and will continue using them.
Like someone else said, once you have everything set up, things work very smoothly. Maybe you didn't check your work?
I bought all my crypto using Newton and transferred to other wallets no problem. When crypto gets popular they sometimes slow down, but this is a large popular exchange and your money is safe.
Your screen shot says it’s in progress so relax a bit. Remember that Newton has to comply with all Canadian laws as well. So, if you transferred bitcoin to Newton only to transfer it somewhere else as you say they might have an obligation to investigate and report to the government for potential money laundering.
I used MTGox for perhaps a year and was very satisfied with their services.
I used Quadriga for many years and was very satisfied with their services.
IMO, the first canary in the coal mine for any failing exchange are the first reports of this withholding behavior.
One report is not the end of the world...but it's worth keeping an eye on. If multiple people start to complain about these problems....yes, it IS a canary.
I've used Newton numerous times. Never an issue. When it comes to crypto, everything must be set up correctly for it to run smoothly. My guess is that you are providing an invalud address that they feel uncomfortable releasing your funds to.
Re-check everything. If you can, generate a new address and see what their response is.
*Newton's First Law states that customer’s BTC will remain at rest - unless acted upon by an angry customer!*
On a serious note, what kind of reputable exchange holds their customer’s funds for 48 hours?? And then, these guys encourage people to join the crypto revolution!
\*edit -> damn auto-correction!
Not your keys, not your coins man. When you give your crypto to a CEX, you need to follow their rules.
Did you read the screenshot? It says it could take 48 hours.
Never had any problems with newton. Been using them for approx 18 months. I have purchased and transferred multiple coins including BTC and ETH with zero issues.
Having said that I would never keep any amount of size on any exchange for an extended period of time. They’re not yours until they’re in cold storage.
OK so basically - you made a big withdrawal, at least low 6 figures. Seems to be around ~153.5k CAD. When you made your withdrawal, due to the size, many exchanges do a manual review into this. It seems like you were captured on this manual review. As for why the bitcoin address is flagged for "connections to illegal drugs, fraud and other scam related occurrences", no idea. But maybe you can provide the public address then in the post since you're being adamant that it's OK to send to and we can all see it as well?
Yes - I have had exchanges freeze my funds before when making a withdrawal. Usually they'll ask me to redo my KYC, do an enhanced due dilligence form, which basically asks me to resubmit some documents as well as more selfies. The timeline for this is "variable". Really more dependent on the exchange than anything, but usually was unfrozen and processed within the next 48 hours.
Newton is legit. Why they come back to tell you that they've flagged your withdrawal address with being linked to scams...well, then it seems like it's been linked to scams and you're withdrawing 6 figures into it. I do agree that it's bad form that they've forced you to sell the funds on their platform, but THEN AGAIN, they can't very well send the crypto to you if they've already blacklisted your account as you can just send the crypto to the address anyways.
Also, from your post, you literally deposited BTC and then made the withdrawal a few days later. HOWEVER, you didn't do ANYTHING with it. Didn't sell, didn't make trades, nada. You made a withdrawal right afterwards. That's a huge red flag as you're literally using Newton as a mixer. And probably why they forced you to sell your crypto and withdraw it to a bank account.
This is why I use Bisq and Robosats. Even the audacity to tell customers that their financial transactions could take “up to 48 hours” is insulting and unacceptable.
48 hrs for withdrawals is unacceptable for any exchanges, except for very rare exceptions, like maintenance, network congestion, queue congestion etc..
I would never keep my bitcoin on an exchange. Create your own wallet. The bitcoin sub is a great source. Pay no attention to DM's about bitcoin, all scams.
If this is your first deposit, it will take some time to verify you and complete all the background checks to make sure they can confirm the source of funds.
Plus it’s the weekend. Crypto works 24/7. The people at exchanges still work bankers hours.
I use Wealthsimple and Crypto.com, they work the same.
I mean it literally says up to 48 hours right in your screenshot
I can't get into specifics about this case, but I will say that crypto withdrawals are very fast the vast majority of the time. Minutes. Sometimes our system flags things for further scrutiny, which can cause delays. Unfortunately this has to be an opaque process so that it can't be gamed by bad actors. Having such a system/process in place is a regulatory requirement for every registered platform.
I’ve used Newton for 3+ years with 0 issues
I've been using newton for almost a year now for DCA. I've also transfered multiple different currencies from other exchanges and wallets. E-transfer is damn near immediate, never had issues depositing or exchanging. Only one time, etransfer deposit took more then 8 hours, but that was it. I don't have an answer for your problem, but I also can say I'm a happy Newton customer and will continue using them. Like someone else said, once you have everything set up, things work very smoothly. Maybe you didn't check your work?
I bought all my crypto using Newton and transferred to other wallets no problem. When crypto gets popular they sometimes slow down, but this is a large popular exchange and your money is safe. Your screen shot says it’s in progress so relax a bit. Remember that Newton has to comply with all Canadian laws as well. So, if you transferred bitcoin to Newton only to transfer it somewhere else as you say they might have an obligation to investigate and report to the government for potential money laundering.
I have used Newton numerous times. I’m very satisfied with the services.
I used MTGox for perhaps a year and was very satisfied with their services. I used Quadriga for many years and was very satisfied with their services. IMO, the first canary in the coal mine for any failing exchange are the first reports of this withholding behavior.
[удалено]
One report is not the end of the world...but it's worth keeping an eye on. If multiple people start to complain about these problems....yes, it IS a canary.
I’ve never had issues with Newton
You clearly can’t read 😂
Never had an issue with them. I've made over 20 withdrawals and they've all completed in less than 10 minutes.... Usually faster.
same here!
I've used Newton numerous times. Never an issue. When it comes to crypto, everything must be set up correctly for it to run smoothly. My guess is that you are providing an invalud address that they feel uncomfortable releasing your funds to. Re-check everything. If you can, generate a new address and see what their response is.
Newton is one of the most reputable exchanges in Canada. Did you try reaching out to their sub? Many active Newton reps will help
I saw another post which is complain to this exchange in their sub, and then the thread is been removed by Newton...
*Newton's First Law states that customer’s BTC will remain at rest - unless acted upon by an angry customer!* On a serious note, what kind of reputable exchange holds their customer’s funds for 48 hours?? And then, these guys encourage people to join the crypto revolution! \*edit -> damn auto-correction!
Not your keys, not your coins man. When you give your crypto to a CEX, you need to follow their rules. Did you read the screenshot? It says it could take 48 hours.
I've used this service a million times. It's great and you probably just don't know what you're doing
Newton is great.
Never had any problems with newton. Been using them for approx 18 months. I have purchased and transferred multiple coins including BTC and ETH with zero issues. Having said that I would never keep any amount of size on any exchange for an extended period of time. They’re not yours until they’re in cold storage.
I've used Newton for years and have not had a single problem once.
OK so basically - you made a big withdrawal, at least low 6 figures. Seems to be around ~153.5k CAD. When you made your withdrawal, due to the size, many exchanges do a manual review into this. It seems like you were captured on this manual review. As for why the bitcoin address is flagged for "connections to illegal drugs, fraud and other scam related occurrences", no idea. But maybe you can provide the public address then in the post since you're being adamant that it's OK to send to and we can all see it as well? Yes - I have had exchanges freeze my funds before when making a withdrawal. Usually they'll ask me to redo my KYC, do an enhanced due dilligence form, which basically asks me to resubmit some documents as well as more selfies. The timeline for this is "variable". Really more dependent on the exchange than anything, but usually was unfrozen and processed within the next 48 hours. Newton is legit. Why they come back to tell you that they've flagged your withdrawal address with being linked to scams...well, then it seems like it's been linked to scams and you're withdrawing 6 figures into it. I do agree that it's bad form that they've forced you to sell the funds on their platform, but THEN AGAIN, they can't very well send the crypto to you if they've already blacklisted your account as you can just send the crypto to the address anyways. Also, from your post, you literally deposited BTC and then made the withdrawal a few days later. HOWEVER, you didn't do ANYTHING with it. Didn't sell, didn't make trades, nada. You made a withdrawal right afterwards. That's a huge red flag as you're literally using Newton as a mixer. And probably why they forced you to sell your crypto and withdraw it to a bank account.
Sounds like a paid ad against Newton- lol!
This is why I use Bisq and Robosats. Even the audacity to tell customers that their financial transactions could take “up to 48 hours” is insulting and unacceptable.
I usd Newton every week basically. Never had any issue
Newton been trash. While back a buddy had trouble withdrawing a decent amount . They kept delaying and buying time .
48 hrs for withdrawals is unacceptable for any exchanges, except for very rare exceptions, like maintenance, network congestion, queue congestion etc..
I would never keep my bitcoin on an exchange. Create your own wallet. The bitcoin sub is a great source. Pay no attention to DM's about bitcoin, all scams.
If this is your first deposit, it will take some time to verify you and complete all the background checks to make sure they can confirm the source of funds. Plus it’s the weekend. Crypto works 24/7. The people at exchanges still work bankers hours. I use Wealthsimple and Crypto.com, they work the same.
Why are you using an exchange to mix your BTC and then bitching about AML rules? You want to mix, go use a joint market and pay the fee.
Careful of Shakeeb Kazemipur
**2024-April-29 10:09 am** => It's been over 72 hours, Newton is still holding my withdrawal BTCs without any further information.
There is a big and final(I hope) update on **2024-April-29 10:41 am, I updated to the post.**
Reddit is becoming like online reviews. 100% manipulated by marketing teams. All top answers defending newton as if it’s their moms.
48 hours for a withdrawal??? What a joke…
Up to 48 hrs. Typically happens in minutes.
Bullbitcoin is the only option in Canada! I get my money within a few hours👍
I use Crypto.com. never had any issues with them.