RE: ...

[mstafford]

Yeah that's pretty weird. You'd figure that since prices have generally stabilized (compared to how volatile things were previously, at least) that withdrawals would be at least as fast, if not faster.

Comments

[rok-sivante]

From my (limited) understanding, it wasn’t so much related to prices as much politics - the banking industry not exactly embracing crypto and throwing up some resistance and obstacles, which slowed things down. But then again, who knows. I tried out ezbtc.ca which was even worse - and that just seemed like negligence, with BtC withdrawals taking almost a week!

In any case, Bitvo’s partnership with DC Bank seems pretty solid and smooth...

[mstafford]

Hmmm... I don't know a lot about the drama / politics involved, but the only thing that pops in my mind when I hear "DC Bank" are ATM's outside of bars that cost $4.00 to get any cash. Puts a bit of a gross taste in my mouth (or maybe that's just a side-effect of usually having consumed a few drinks when I see a DC Bank logo).

But I suppose what you're saying about their partnership with Bitvo is inline with that. A (maybe not so) small fee for convenience.

Cheers.

[rok-sivante]

Update from QuadrigaCX support:

“Thank you for your patience, I apologize for any delay experienced during this process so far. Below is an update on our current Cibc lawsuit, we are expecting to have withdrawals full resolved within the next two weeks.

Unfortunately the CIBC situation has impacted all transfers, as opposed to ones just to CIBC.

CIBC was the former bank of our payment processor, and they are currently witholding our funds that we use to process withdrawals. The specific reasons for this action aren't entirely known, however it is widely believed to be their attempt at hindering the Bitcoin industry in Canada while investing in blockchain technologies themselves.

We are also able to still have your withdrawal reviewed and refunded back to your account if you request this to happen.

• On Friday, the Ontario Superior Court judge in the case issued a ruling on the interpleader motion.
• While we were hoping for a straightforward and expedient transfer of the funds back to our accounts, the judge has decided to make it slightly more complicated. With that said, it is good news overall as the process is moving forward.
• The judge ordered that CIBC transfer the full balance of the accounts to the superior court, for the purpose of distribution by the judge to the appropriate parties, which will be sorted out in a case management meeting directly with the judge asap.
• The above process requires a bit of paperwork (such as a joint affidavit between us and Billerfy regarding funds allocation), however from our understanding it will not be problematic.
• The judge also gave us the green light to sue CIBC directly for the damages that they have caused, a process which we will be commencing immediately.

All in all, we're in the final stages of this situation being wrapped up. Thank you for your patience and understanding as we have worked through our first major battle with the Canadian banking oligopoly that seems dete rmined to harm the cryptocurrency industry at any cost.”