Security Compliance
Binance's technical security is genuinely strong: 2FA, cold storage, the SAFU insurance fund, and a fully reimbursed 2019 hack are a decent record for the world's biggest exchange. Its compliance record is the problem. Binance pleaded guilty to US anti-money-laundering and sanctions violations in 2023, paying one of the largest corporate penalties in history, and FINTRAC penalized it for AML failures in Canada. Whatever your coins' safety from hackers, an unregistered platform offers Canadians no legal protection, which is exactly why regulators pushed it out.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
Binance offers robust security measures, including two-factor authentication (2FA), whitelisting withdrawal addresses, and anti-phishing tools. However, in 2019, Binance suffered a security breach where hackers stole 7,000 Bitcoin and some user data. Binance covered the loss using its emergency insurance fund, ensuring no user lost their assets.
Bitcoin Well also emphasizes security. Given its localized approach to the Canadian market, it understands the specific security concerns of Canadian users. Detailed incidents or breaches related to Bitcoin Well were not present in my last update.
Regulatory Compliance
Binance is not legal to operate in Canada. It pulled out of Ontario in 2021-2022 under OSC pressure, then withdrew from all of Canada in May 2023 rather than sign the CSA's pre-registration undertaking with its stablecoin restrictions, investor limits and third-party custody requirements. Ten other platforms signed and stayed; Binance chose to leave. It has said it hopes to return "when Canadian users once again have the freedom to access a broader suite of digital assets," but as of 2026 there is no registered Binance entity in Canada and no announced return.
Bitcoin Well is registered with FINTRAC (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange, it also publishes audited financials, a level of transparency almost no other Canadian bitcoin platform offers.
Binance recently announced its decision to exit the Canadian market by October 2023. Additionally, Ontario banned Binance for its residents, which raises concerns about its compliance with Canadian regulations.
Being a Canadian-focused exchange, Bitcoin Well adheres to Canadian federal regulations and works in alignment with the country's financial guidelines. Canadian federal organizations do monitor crypto-related activities, and Bitcoin Well has shown compliance with these entities.
Customer support
Binance offers 24/7 chat support for users in supported countries. Canadians with legacy withdrawal issues can still contact support, but expect friction, and be alert to impersonation scams targeting former Canadian users, since fake "Binance Canada support" accounts are a known fraud vector.
Bitcoin Well runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a big plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.
Binance offers 24/7 online customer support, primarily through a ticketing system. Direct interaction is usually with a support bot, and it can be challenging to get human assistance. Their support is often described as limited, receiving a score of 2 out of 10.
Bitcoin Well, understanding its local clientele, is known for more personalized support.
Conclusion
Both Binance and Bitcoin Well are commendable exchanges in their own right. While Bitcoin Well caters directly to the Canadian audience with localized support and compliance, Binance's vast range of features and global recognition give it an edge. Despite some compliance hiccups in Canada, Binance's sheer volume, variety of tools, and extensive coin offerings make it the winner in this comparison.
Initially, we recommended choosing Binance over Bitcoin Well for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Bitcoin Well.
If you find that neither Binance nor Bitcoin Well meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
