QuadrigaCX: CAD Direct Deposit and Wire Withdrawals Update – March 5th

QuadrigaCX
QuadrigaCX

Over the past few weeks, we have experienced delays in processing CAD direct deposit withdrawals as well as CAD bank wire withdrawals. This delay has been caused by two Canadian banks (CIBC and RBC) that abruptly and in unison ceased providing banking services to one of our main payment processors. Prior to this situation, we had used this payment processor primarily to send large direct transfer withdrawals as well as bank wires. As a result, we were forced to transfer all payment processing to our other payment processor which was previously mainly used for smaller transfers.

Due to transaction volume limitations, as well as delays in transferring funds from the previous processor, a backlog of transactions has occurred. We had hoped to fully resolve the issue and return to our regular processing times by this time, however the process of re-establishing our previous level of payment processing capacity has proven to be more cumbersome than initially believed.

We have since been working tirelessly to bring our payment processing, both incoming and outgoing back to our regular standards. The following information should provide better insight as to what you can expect in the near future.

  • We have partnered with a new payment processing firm to handle both incoming and outgoing Interac E-transfer payments and will re-enable this option as soon as possible.
  • We have established international payment processing relationships to handle both incoming and outgoing wires. The wire backlog is currently being cleared as quickly as possible.
  • Outgoing direct transfers remain delayed however the backlog is shrinking. If you are waiting for a transfer, it will arrive.
  • If you currently have a wire or direct transfer withdrawal that is “pending,” and you wish to cancel it, this can be done by visiting the pending withdrawals page link from your dashboard. The withdrawal can be instantly cancelled and used to purchase crypto, which can instantly be withdrawn. If you are in a hurry, or have any concerns about your funds, this is the best option to completely alleviate your concerns, instantly.

Please further note

  • Crypto withdrawals have not been impacted by this situation
  • Cash withdrawals have not been impacted by this situation
  • Crypto Capital withdrawals have also not been impacted

We apologize for this inconvenience caused by the anti-Bitcoin Canadian banking system.

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