Why was my account permanently closed?
As a money services business (MSB) regulated by FINTRAC, Revenu Québec, and as a CIRO-regulated investment dealer, we're required to comply with applicable laws, regulatory requirements, our Customer Account Agreement, and the requirements of our banking and payment partners. Like other regulated financial institutions, we make account closure decisions in accordance with applicable laws, regulatory obligations, and our agreements with customers and partners. For legal, security, and privacy reasons, we're unable to disclose the specific reason an account was permanently closed.
What does a permanent account closure mean?
If your account has been permanently closed, you can no longer access your account, use Shakepay's products and services, or open a new Shakepay account.
What happens to the funds in my account?
If your account is being closed and you have eligible funds remaining, we'll work with you to return them where applicable.
In most cases, you'll be asked to sell any remaining crypto and withdraw your Canadian dollar (CAD) balance to your personal bank account before the account is fully closed. Crypto withdrawals to another wallet or exchange are not available as part of this process.
In certain situations, we may be legally required to hold funds, restrict them, or return them in a specific way. If this applies to your account, we'll provide you with further instructions.
What if I receive my pay by Direct Deposit?
If you have an incoming direct deposit we'll work with you to help ensure you can receive those funds and withdraw them before the account is fully closed.
If you're in this situation, please reply to your existing support conversation as soon as possible so our team can assist.
If a direct deposit is sent after your account has already been closed, it will be rejected and returned to the sender. We do not keep those funds.
Frequently asked questions
Can I appeal the decision?
If you believe your account was permanently closed in error, you can ask us to review the decision.
To contact our Support team:
Visit help.shakepay.com.
Tap the blue chat bubble in the bottom-right corner of the page.
Send us a message using the email address associated with your Shakepay account.
We can confirm that the account closure process was followed appropriately. If the decision has been confirmed, it is final.
Does Shakepay permanently close accounts without reviewing them?
No.
Account closure decisions are not made lightly and are handled in accordance with applicable legal, regulatory, security, banking partner, and terms-of-use requirements before an account is closed.
For legal and regulatory reasons, we often can’t provide specific details about the closure decision.
Can only recent transactions result in my account being permanently closed?
No.
Account closure decisions are not based solely on recent activity. For legal, security, and privacy reasons, we can't provide additional details about how individual account closure decisions are made.
Do routine account activities result in a permanent account closure?
No.
Using your Shakepay account as intended will not, on its own, result in a permanent account closure. This includes activities such as:
Buying and selling crypto
Funding your account with Interac e-Transfer or Direct Deposit
Using your Shakepay Card
Including receiving a merchant refund or submitting a legitimate transaction dispute
Receiving payroll by Direct Deposit
Withdrawing crypto to your own wallet
However, all account activity must comply with applicable laws, regulatory requirements, banking partner requirements, and Shakepay’s terms and conditions.
Was my account permanently closed because I used a VPN or travelled abroad and connected to Shakepay?
No.
Using a VPN, or connecting to Shakepay abroad does not, by itself, result in a permanent account closure.
If we ever need additional information to verify your identity or residency, we'll contact you.