FAQs on VirgoCX’s Transition to Non-Custodial Service

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Transition from custodial to non-custodial

• What’s the difference between a custodial and non-custodial exchange?
  • A custodial exchange holds its users' assets on their behalf in trust with a 3rd party custodian.  With a non-custodial exchange, users retain full control of their assets and manage their own wallets and private keys.
• Why is VirgoCX switching to a non-custodial model?
  • VirgoCX was one of the first crypto trading platforms (CTPs) to register as a “restricted” securities dealer back in May 2022. It was a time limited registration with an agreement to become an investment dealer and CIRO member after two years. The pursuit of becoming an investment dealer did not work out, and in alignment with our vision for our future business model, we have made the ultimate decision to transition. We will continue to be registered as an MSB with FINTRAC, so we can continue to trade crypto with you, but we will no longer be holding crypto for you as an investment. We will send your crypto back to you, so that you can experience, explore and enjoy this technology yourself. Virgo won’t be a securities dealer when offering the non-custodial service, so you won’t be protected as an investor.
• Does this change mean VirgoCX will no longer hold my crypto?
  • This means that VirgoCX will no longer hold crypto on your behalf and you will be required to store your crypto in your own wallet. You are free to use any software wallet, hardware wallet or other trading platform deposit addresses of your choice.
• Is this change mandatory for every user, or can I keep using custodial services?
  • Yes, this change affects all users.

• Why should I stay with VirgoCX instead of switching to another platform?
  • You are free to use any platform of your choice. Top reasons to stay with VirgoCX are low fees, variety of top trading pairs, and strong commitment to providing you a safe and secure trading environment. We will also be releasing even more innovative products very soon. Stay tuned!

Account & Funding

• What should I do now that VirgoCX will no longer custody my crypto?
  • If you have any crypto on the VirgoCX custodial platform, withdraw or sell it within 90 days. Until you withdraw or sell your crypto, you will not be able to use our new non-custodial trading service for buying and selling crypto assets. If you have a wallet, withdraw it to your own wallet. If you don't have a wallet, you have 90 days to set up your wallet and withdraw. 90 days later, on July 3, 2025, any crypto assets remaining in your custodial account will be sold for CAD and we will send the remaining fiat to your bank account after deducting any applicable fees. There is no rush, the important thing is that you are ready to self-custody your own crypto.  Do not fall for any scams or frauds where you are told to withdraw your crypto to a wallet that you do not control.
• My wallet doesn’t support certain crypto assets. What should I do?
  • If your wallet does not support certain crypto assets, you will need to do your research and find a new wallet which supports these crypto assets. If you have these crypto assets on the VirgoCX custody platform, you will have 90 days to withdraw or sell it. 90 days later, on July 3, 2025, any crypto assets remaining in your custodial account will be sold for CAD and we will send the remaining fiat to your bank account after deducting any applicable fees. Until you withdraw or sell your crypto, you will not be able to use our new non-custodial trading service for buying and selling crypto assets. There is no rush, the important thing is that you are ready to self-custody your own crypto and have set up your wallet correctly. You are free to use any software wallet, hardware wallet or other trading platform deposit addresses of your choice. Do not fall for any scams or frauds where you are told to withdraw your crypto to a wallet that you do not control.
• Could you provide a list of wallets compatible with each crypto asset listed on VirgoCX? Do you have any recommendations on which wallet I should use?
  • Unfortunately, we cannot recommend any wallet. You will need to do your own research. You are free to use any software wallet, hardware wallet or other trading platform deposit addresses of your choice.
• Will my existing account balance be automatically transferred to a self-custody wallet? How do I withdraw my current funds from the current VirgoCX’s custodial platform?
  • If you choose to use our non-custodial trading platform, you will need to accept our new terms and conditions and set an auto-withdrawal wallet address for each crypto asset that you hold and wish to withdraw. Once you have set it up, your crypto assets will be automatically sent to your wallet within ~30 minutes otherwise, you can also choose to do a manual withdrawal before the automatic withdrawal occurs. After you withdraw (or sell) your crypto assets, you will be able to deposit funds and buy crypto.
  • If you do not choose to use our non-custodial trading platform, you may set your withdrawal address for each crypto asset that you hold and wish to withdraw. Once you have set it up, your crypto assets will be automatically sent to your wallet within ~30 minutes otherwise, you can also choose to do a manual withdrawal before the automatic withdrawal occurs. After you withdraw your crypto, you will not be able to deposit funds and buy crypto since you did not choose to accept the new terms and conditions. Please note that you have 90 days to either sell your crypto assets or set your withdrawal address to withdraw your crypto assets. 90 days later, on July 3, 2025, any crypto assets remaining in your custodial account will be sold for CAD and we will send the remaining fiat to your bank account after deducting any applicable fees.
• Are there any deadlines to move my crypto, or will my account be frozen? What will happen if I don’t move my funds?
  • If you have crypto on the VirgoCX custody platform right now, you can keep it there for 90 days.  Until you withdraw or sell your crypto, you will not be able to use our new non-custodial trading service for buying and selling crypto assets.  90 days later, on July 3, 2025, any crypto assets remaining in your custodial account will be sold for CAD and we will send the remaining fiat to your bank account after deducting any applicable fees.
  • You may use this time to set up your crypto wallet and withdraw when you are ready.
• How will business accounts be affected?
  • Business accounts will be affected in the same way as individual accounts. If you have any crypto on the VirgoCX custody platform, you will need to withdraw or sell it by 90 days. Until you withdraw or sell your crypto, you will not be able to use our new non-custodial trading service for buying and selling crypto assets.  90 days later, on July 3, 2025, any crypto assets remaining in your custodial account will be sold for CAD and we will send the remaining fiat to your bank account after deducting any applicable fees.

Trading and Transactions

• Is swapping between crypto still available on the non-custodial model?
  • Crypto to crypto swaps are not available. You can only buy crypto with CAD (or USD). Or you can sell crypto for CAD (or USD).
• How do I buy crypto now? How do I fund my new non-custodial account?
  • You can still buy or sell crypto if you choose to use our new non-custodial trading service.  You will be required to add your own designated wallet address prior to placing a Buy order. After you buy crypto, within ~10 minutes, it will be automatically sent to the wallet address that you provide. You can also choose to withdraw it earlier via manual withdrawal.  
  • You can fund your non-custodial account with existing funding methods.

• How do I sell crypto? Where does the fiat (CAD or USD) go after a sale?
  • If you deposit crypto, you will have 4 hours to sell or withdraw it. If you don't confirm a sell order within 4 hours after sending crypto to your account, we will complete the trade at the market price and credit the fiat purchase price to your account. After you sell crypto, you will have 48 hours to either withdraw your CAD (or USD) to your bank account or buy crypto.  

• Will trading spreads change under the new model?
  • No, the trading spreads will remain the same as before.

• Are limit orders/stop-losses still supported?
  • Yes, limit orders and stop-limit orders will be supported. Please note that if you deposit crypto, you will have 4 hours to sell or withdraw it. If you don't confirm a sell order within 4 hours after sending crypto to your account, we will complete the trade at the market price and credit the fiat purchase price to your account. After you sell crypto, you will have 48 hours to either withdraw your CAD (or USD) to your bank account or buy crypto.

• Is recurring buy still an option in this new model?
  • Yes. You will be required to add your own designated wallet address prior to placing a Buy order.  All recurring buy Orders must be funded with Canadian dollars that are deposited within your Account no earlier than 48 hours prior to the date of the recurring Buy Order
  • After you buy crypto, within ~10 minutes, it will be automatically sent to the wallet address that you provide. You can also choose to withdraw it earlier via manual withdrawal.    

 Supported Cryptocurrencies

• Will the same coins be available on VirgoCX, or will the list change?
  • For now, the same coins will be available. 40+ crypto assets will be delisted later - An email with more information will be sent out soon. Foreign exchange (USD <=> CAD) will be discontinued, and USDC-Crypto pairs will be delisted on April 4, 2025 by 5 PM ET.
• Is USDC still supported for trading?
  • USDC/CAD and USDC/USD are still supported for trading. USDC/Crypto pairs will be delisted on April 4, 2025 by 5 PM ET.

Virgo Plus & VIP Tiers

• What will happen with the Virgo Plus subscription?
  • Your Virgo Plus subscription will continue as usual. With regards to your Virgo Bits, please note that you will still be able to collect them. However, after the transition on Friday, 4th April 2025, you will not be able to redeem Virgo Bits for SATs. Virgo Bits redemption to SATs will be paused until further notice. Virgo Bits redemption for tier upgrades will be available.
• Will my current VIP Tier be affected after the change?
  • No, your current VIP Tier will not be affected due to this transition.

 Rewards:

• What will happen to my Virgo Bits? Will they expire? Can I redeem Virgo Bits after the transition?
  • Your Virgo Bits will not expire. You will still be able to collect Virgo Bits. However, after the transition on Friday, 4th April 2025, you will not be able to redeem Virgo Bits for SATs. Virgo Bits redemption to SATs will be paused until further notice. Virgo Bits redemption for tier upgrades will be available.
• Will there be new reward systems in this non-custodial model?
  • We will continue with the same rewards system. We may choose to revamp the rewards system in the future.
• Will the Tiered Rewards Program be available under the new model?
  • Yes, the Tiered Rewards Program will be available under the new model. 

KYC

• If I’m already verified, do I need to complete KYC again?
  • If you are already verified, you will not need to do KYC again due to this transition. You will need to accept the VirgoCX Crypto Trading Service Terms of Service
• Do new users have to pass KYC to trade non-custodially?
  • Yes, new users must pass KYC to trade with the VirgoCX Crypto Trading Service.

Referral program

• Will you keep the referral program? If so, how will it work now?
  • There will be no change in the referral program.

 Virgo Gift Cards

• Will Virgo Crypto Gift Cards remain available?
  • User-issued Virgo Crypto Gift Cards which are not redeemed will be cancelled during the transition on April 4, 2025, by 5 PM ET and credited back to the issuing users' accounts. You will not be able to issue new Virgo Crypto Gift Cards after the transition.

Taxes

• How will tax reporting work for non-custodial trades?
  • Tax reporting will work the same for non-custodial trades as it did for custodial trades. Selling crypto may trigger a taxable event. Withdrawing crypto to your own wallet does not cause a taxable event. If you want to know how to export your transaction reports, click here.
• Will VirgoCX provide transaction history for past custodial activity?
  • Yes, VirgoCX will provide transaction history for past custodial activity. You can find this If you want to know how to export your transaction reports, click here.

Security

• Will VirgoCX support staff be available?
  • Yes, our Support team will be available to help you. Please visit here to contact us via live chat, email ([e-mail]) or Zendesk ticket. We will be available Monday to Friday, 10:00 AM - 6:00 PM Eastern Time.
• Will VirgoCX support help me through the whole transition process?
  • Yes, our Support team will help you through the transition. Please visit here to contact us via live chat, email ([e-mail]) or Zendesk ticket. We will be available Monday to Friday, 10:00 AM - 6:00 PM Eastern Time.

FOREX

• Will Foreign Exchange remain available in the new non-custodial service?
  • Foreign exchange (USD <=> CAD) will be discontinued on April 4, 2025 @ 4 PM ET and will not be available in the new model.