As of mid-2026

FINTRAC's Most Wanted

Failure to report deposits of virtual currencies over $10,000 (LVCTR)

Welcome back to FINTRAC's Most Wanted, where we're tracking the most common monetary penalties handed out by FINTRAC since the beginning of last year.

Number 11 involves the Large Virtual Currency Transaction Report (or LVCTR).

Since last year, a staggering two companies were hit specifically with "failing to report deposits of virtual currencies over $10,000."

Admittedly, two might not sound like a huge number, but it's important if you're a VASP (Virtual Asset Service Provider), and I do think we'll see more of this in the future, especially with the rise in prominence of stablecoin usage.

The good news is, this is an easy one to do right because you can automate the whole thing and hopefully avoid a needless, hefty fine.

The challenge here isn't just with the $10,000 threshold, it's total velocity. If you're dealing with a high-volume crypto MSB (Money Services Business), perhaps an exchange where transactions are flying in constantly, you have to pay close attention. You need to aggregate those transactions into 24-hour periods to see if the total exceeds the threshold.

Without the right systems in place, it's incredibly easy to fall behind and get into hot water.

Case Study: If you use Rhizome, managing this is a core competency for us.

We recently worked with a crypto MSB with a massive backlog. We stepped in and helped them file over 1,000 LVCTRs, ensuring they were fully protected in a fraction of the time.

We have a bulk-filing feature now that allows just one person to file multiple reports in a few seconds.

Whether you choose to upload batches of transactions on a set schedule or use our API to create and file reports automatically as they come in, we make sure that $10,000 line never gets missed!

Reach out to us to see more, or take a look at our crypto reporting solutions