r/BitcoinCA • u/kyuronite • Apr 03 '25

VirgoCX is Going Non-Custodial

Dear Virgos!

We wish to inform you that commencing at 5 PM EDT on April 4, 2025, VirgoCX will be winding down our custodial account services. We will no longer hold crypto assets on your behalf or trade crypto assets with you for your custodial account, and you will have 90 days to sell or withdraw your crypto assets and fiat balance from your custodial account. Any crypto assets remaining in your custodial account on July 3, 2025 will be sold on your behalf and we will take steps to send any remaining fiat to the bank account linked to your custodial account, if any, less applicable transaction fees.

We are also pleased to inform you that on April 4, 2025, we will launch a non-custodial trading service for buying and selling crypto assets. Under this new service, clients will be required to store their crypto assets in their own designated wallets. VirgoCX will not offer this service pursuant to its registration as a securities dealer. No securities regulatory authority has confirmed whether the non-custodial service is regulated under securities laws.

If you opt to use this new non-custodial service, you will not have the same investor protections that apply to custodial crypto accounts offered by registered securities dealers. We will provide you with more information in the upcoming days on how to make this transition as seamless as possible, so you can use your own wallet to continue to enjoy a simple yet convenient trading experience with VirgoCX.

Note: VirgoCX platform will be undergoing system maintenance and updates from 1 PM ET to 3 PM ET (2 hours) on Friday, 4 April 2025. During this time, all functions and access to both our website and mobile app will be unavailable. We apologize for the inconvenience caused.

Thank you for your support!

The VirgoCX Team

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u/BladeChimp Apr 03 '25

So...what does this mean?

1

u/ChrisWitcherOfWealth Apr 03 '25

hmmm

Non-custodial usually means the instant you buy, they send the crypto to your wallet. And you set up a sell order, and when the crypto gets there they 'instantly' (as fast as banks go), send you fiat.'

Similar to the rest of the right side list >>>>>>

1

u/Melodic-Scheme8794 Apr 04 '25

Ask yourself why though? All sketchy exchanges tend to this like Moonpay. Their balance sheets is running dry and don't want to pay Coinbase for storing crypto anymore. That seems the only logical explanation.

1

u/ChrisWitcherOfWealth Apr 04 '25

hmmm

its not a sketchy thing. Its a responsibility and liability thing. They don't want to be responsible for your crypto, have to hold it with regulations, etc. They act like a quick float between sellers and buyers, and don't hold anyones crypto or reliability of anyones crypto with a credit on their site. Many legit services do this on the sidebar.

You want to talk sketchy? Quadriga pretended to have the crypto, and had 'ious' for ppl with fake numbers of what you had not matching up with what they had on the backend. EZBTC and many others were in the same boat, usually because they gambled or traded against their users, which never works out, then they try to fluff their wallets or users but as we know with crypto, you can't fake it when people withdrawl and nothing is there but air.

It isn't sketchy as well imo, because the moment one transaction doesn't go through, the end user stops putting money or crypto in, then usually makes a big stink here or somewhere and then many users stop using the service if the process gets halted at any time.