When you fund your account with fiat, your funds may be held for a brief period of time. This is referred to as 'withholding.' During a withholding period, you will be able to trade your funds, however your funds must remain on the platform until the withholding period expires.
Coinsquare is a registered MSB in Canada and therefore must follow KYC (Know Your Customer) and AML (Anti-Money Laundering) policies outlined by FINTRAC.
We have implemented withholding policies in order to be appropriately diligent and to ensure the safety of every user as well as our platform. When your funds are under withholding, you will not be able to remove them from the platform, whether they are in your fiat holdings or digital currency holdings.
While your funds are under withholding, you will be able to continue trading. You will not be able to withdraw these funds until the withholding period has expired.
A full list of withholding periods can be found here: Coinsquare Funding Options
Withholding may also be added to your account for security purposes. The following actions will result in withholding being added to your account:
- Change password
- Change email address
- Disable 2FA/TOTP
If you take one or more of the actions above, our system automatically freezes withdrawals for a period of time by placing a withholding limit on your account. This has been implemented as a security measure and to help further protect clients' funds on our platform. To have this withholding removed, you can contact our Support Team.
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