Note: Neither platform is available to Canadians. Binance withdrew from the Canadian market in May 2023 after refusing new CSA investor-protection requirements. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023. This comparison is preserved for historical reference, and our current recommendations for Canadians follow at the end.
In this comparison, we delve into the features, security, compliance, and customer support of two leading crypto exchanges, Binance and BitMEX. While Binance stands out for its comprehensive range of cryptocurrencies and extensive features, BitMEX is recognized for its focus on Bitcoin derivatives, high liquidity, and robust security measures. Neither is available to Canadians in 2026.
Binance Vs BitMEX: Which Is Better For Canadians?
Neither is an option for Canadians today. Binance left Canada in May 2023 after announcing on May 12, 2023 that new Canadian securities rules made operating there untenable. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
What Are The Key Differences Between Binance And BitMEX?
Binance Vs BitMEX: Side By Side
Binance
BitMEX
Description
Founded in 2017 by Changpeng "CZ" Zhao, a McGill graduate raised in Canada, Binance was the world's largest cryptocurrency exchange by trading volume, offering hundreds of coins, deep liquidity and every product type. It withdrew from Canada in May 2023 after announcing that new Canadian securities rules made operating there untenable, and it is unavailable in every province and territory.
BitMEX was a veteran crypto derivatives exchange offering futures and perpetual contracts with up to 100x leverage. You could not deposit fiat, only crypto, and it was aimed at experienced traders. Canada was a restricted jurisdiction in BitMEX's terms before closing, and the exchange ceased all operations on 2026-09-23.
Coins
Hundreds of cryptocurrencies including BTC, ETH, XRP, DOGE and USDT, none accessible from Canada.
Perpetual and futures contracts on major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano and Avalanche. None were accessible from Canada.
Fees
A 0.1% base spot fee, dropping with volume and BNB discounts, was historically among the cheapest anywhere. Not applicable to Canadians now.
Free crypto deposits and free BTC withdrawals (network fees could apply on other assets). Low, tiered maker/taker fees on derivatives. Balances now face a monthly fee, per CoinDesk.
Pros
Largest exchange in the world with the deepest liquidity
Huge altcoin selection and low fees
Advanced order types, margin, futures and P2P trading
Lite and Pro interfaces for beginners and veterans alike
Deep derivatives liquidity and one of the longest track records in crypto futures
Low, tiered maker/taker fees
Advanced order types
Handy leverage slider for adjusting risk per trade
Cons
Exited Canada in May 2023 rather than accept the new CSA requirements that every registered platform accepted
Fined roughly $6 million by FINTRAC for anti-money-laundering reporting failures in Canada
Pleaded guilty in the US in 2023 with an approximately $4.3 billion settlement, with founder CZ serving prison time before a 2025 pardon
Faced Canadian class action litigation over derivatives previously sold to retail investors
Using it via VPN violates its terms, risks frozen funds, and leaves you with no recourse in Canada
Closed on 2026-09-23
Canada was a restricted jurisdiction before closure
Not suitable for simply buying crypto, no fiat deposits
Only suitable for traders who understood contract trading
Checkered regulatory history in the US
Security
2FA, cold storage with multi-signature wallets, mandatory KYC and the SAFU emergency fund. The 2019 hack (7,000 BTC stolen from the hot wallet, roughly 2% of holdings, fully reimbursed) was a reminder that even giants get breached.
All BTC held in cold storage, multi-signature wallets, withdrawals audited by hand by BitMEX employees, 2FA. Never hacked in over a decade of operation, per our old row.
Methods To Buy
Canadians cannot buy crypto on Binance. Legacy users with balances should withdraw to a private wallet. Binance said it hoped to return one day but no return has been announced, so treat any offer of Binance access for Canadians as a scam.
Canadians could not use BitMEX. Funding was crypto only (BTC, USDT and other supported assets), with no fiat rails.
App
The app works in supported countries; for Canadians its only remaining function was withdrawing legacy balances.
BitMEX had iOS and Android apps, inaccessible to Canadians and now closed.
Account Limits
Not applicable. New Canadian registrations were blocked and legacy Canadian accounts were moved to withdrawal-only status.
Not applicable. Full KYC was required before trading elsewhere.
How Do You Fund And Cash Out Binance And BitMEX In Canada?
BitMEX: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Crypto withdrawal via website
Not published
Not published
Not published
Not published
Legacy Canadian accounts are withdrawal-only. No current funding methods. BitMEX never accepted fiat.
What Do Binance And BitMEX Offer Beyond Buying And Selling?
Binance Only
Derivatives, margin and P2P (historic): Binance offered futures, margin and P2P trading globally. Canadian retail access ended in May 2023.
BitMEX Only
Futures and perpetual contracts (closed): Up to 100x leverage on crypto derivatives. Trading ceased 2026-09-23.
What Happens To Your Money If Binance Or BitMEX Fails?
Binance: Binance has no Canadian entity registered or recognized today, so Canadian regulators give you no recourse. If you still hold a balance, withdraw it to a wallet you control; legacy Canadian accounts were set to withdrawal-only. Using a VPN to keep trading breaks Binance's terms and can freeze your funds. Treat sites and Telegram groups offering Binance access to Canadians as scams.
BitMEX: BitMEX says it closed by owner decision after a business review and that it is unrelated to legal or regulatory issues, per CoinDesk. If you still have a balance, withdraw through the website, since API withdrawals ended on 2026-09-28 and balances face a monthly fee. No Canadian regulator covers BitMEX, so there is no compensation scheme for crypto left behind.
How Are Binance And BitMEX Treated For Tax In Canada?
Binance: Trades on Binance were dispositions for CRA purposes. Export your trade and deposit history while you can still log in for withdrawals. Export formats: Not published.
BitMEX: Derivative gains and losses on BitMEX were taxable for CRA purposes. Export your trade and wallet history now. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, Binance Or BitMEX?
Choose Binance If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
Choose BitMEX If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To Binance?
Binance left Canada in May 2023. On May 12, 2023 it announced that new Canadian securities rules made operating there untenable. Global News reported that the new rules covered stablecoins and crypto contracts, with a CAD 100 million escrow mentioned. A few weeks later, on May 30, 2023, the FINTRAC registry shows Binance Canada Capital Markets Inc. (M21783493) as ceased.
Binance is not on the CSA authorized list and it is not on the CSA banned list. It simply is not here. It said it hoped to return one day, but I found no sign of a return.
Binance: Timeline
Date
Event
May 12, 2023
Binance announces it is leaving Canada
May 30, 2023
FINTRAC lists Binance Canada Capital Markets Inc. as ceased
What Should Existing Binance Users Do?
If you still hold anything on Binance, treat it as an account at a platform that does not serve Canada. I have not verified current withdrawal terms for Canadian users, so confirm them in Binance's own Canada FAQ before you move money, and move long-term holdings to your own wallet.
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026. Its own legal page says it ceased trading that day. The operator was HDR Global Trading Limited, based in the Seychelles. CoinDesk reports that withdrawals through the website stay open, API withdrawals end on September 28, and balances face a monthly fee.
The company described it as an owner decision after a business review and said it was unrelated to legal or regulatory issues. Canada was already a restricted jurisdiction in BitMEX's terms before it closed, so Canadians were not supposed to be trading there in the first place. I have not re-read a live terms page since the shutdown.
BitMEX: Timeline
Date
Event
Sep 23, 2026
BitMEX ceases trading; website withdrawals stay open
Sep 28, 2026
API withdrawals end, per CoinDesk
What Should Existing BitMEX Users Do?
If you somehow still have a balance, withdraw through the website while it remains open and do not leave funds there to collect a monthly fee. Nobody, Canadians included, can trade there any more.
What Should Binance And BitMEX Users Use Instead?
Neither platform can take new Canadian customers, so the real question is where to go next. My status registry points to Kraken. The facts below come from each platform's own pages and the CSA lists.
Registered Alternatives, Compared
Platform
Regulation
Trading Cost
Interac E-Transfer Funding
Coins
Kraken
CSA Restricted Dealer (Payward Canada Inc.), decision April 1, 2025
Kraken Pro 0.40% maker / 0.80% taker at the entry tier; Instant Buy 1% plus spread
Free, min CAD 5
About 490 (derived)
Why Kraken Fits
Registered Restricted Dealer (Payward Canada) with a broad coin list and CAD Interac funding.
Kraken has two price lists. Instant Buy and recurring trades cost 1% plus a spread, and custom orders 1.5%. Kraken Pro starts at 0.40% maker and 0.80% taker, dropping to 0.30% and 0.60% from USD 2.5K of 30-day volume, and 0.22% and 0.38% from USD 10K. Kraken Plus offers zero trading fees on up to USD 10,000 of monthly volume, though the spread and card fees still apply.
Payward Canada Inc. is a Restricted Dealer, registered with the Ontario Securities Commission and the securities regulators of each province and territory, under a CSA decision dated April 1, 2025. It is not on CIRO's membership list. Kraken's Proof of Reserves snapshot for June 30, 2026 shows reserve ratios of 102.9% for BTC, 100.5% for ETH, 100.6% for SOL, 102.3% for XRP and 100.3% for ADA. Canadian clients also face a net purchase limit of CAD 30,000 over a rolling 12 months (CAD 100,000 for Eligible Investors) on assets other than BTC, ETH, LTC and BCH.
Kraken: Pros And Cons
Pros
Restricted Dealer registered across Canada
Kraken Pro fees start at 0.40% and 0.80%
Free Interac e-Transfer deposits
Proof of Reserves published
Cons
Instant Buy costs 1% plus spread
CAD 10 Interac withdrawal fee
Purchase limits on most non-major assets (not in AB, BC, MB, QC, SK)
What Changed For Binance And BitMEX In October 2026?
: API withdrawals at BitMEX end, per CoinDesk.
: BitMEX ceases trading after 11 years and leaves website withdrawals open.
: FINTRAC lists Binance Canada Capital Markets Inc. (M21783493) as ceased.
: Binance announces it is leaving the Canadian market.
Frequently Asked Questions
What Happened To Binance?
Binance left Canada in May 2023. On May 12, 2023 it announced that new Canadian securities rules made operating there untenable. Global News reported that the new rules covered stablecoins and crypto contracts, with a CAD 100 million escrow mentioned. A few weeks later, on May 30, 2023, the FINTRAC registry shows Binance Canada Capital Markets Inc. (M21783493) as ceased.
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026. Its own legal page says it ceased trading that day. The operator was HDR Global Trading Limited, based in the Seychelles. CoinDesk reports that withdrawals through the website stay open, API withdrawals end on September 28, and balances face a monthly fee.
Can Canadians Still Use Binance Or BitMEX?
No. Binance left Canada in May 2023 and is not available to Canadian residents. No. BitMEX stopped trading on September 23, 2026 and had listed Canada as restricted before that.
What Is The Best Alternative To Binance And BitMEX?
Kraken: Beginners who want to learn, then cheaper trading on Kraken Pro.
How Do I Protect My Funds If A Platform Closes?
Keep only what you are actively trading on an exchange, withdraw long-term holdings to your own wallet, and use platforms that appear on the CSA authorized list. A platform that is banned, restricted or gone gives you no Canadian investor protection.
Do Binance And BitMEX Have Limit Orders?
Binance: Yes globally, not for Canadians. BitMEX: Yes globally, closed.
Which Coins Can You Buy On Binance And BitMEX?
Binance: Hundreds globally, none for Canadians BitMEX: Derivatives only, closed
Is The Spread The Fee On Binance And BitMEX?
Binance: No longer applicable. BitMEX: No longer applicable.
Does CIPF Cover My Crypto On Binance Or BitMEX?
Binance: CIPF never covers crypto, and this platform no longer serves Canadians. BitMEX: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Binance And BitMEX Available In Every Province?
Binance: No longer available in any province. BitMEX: No longer available in any province.
Do Interac Deposits Work On Weekends On Binance And BitMEX?
Binance: No longer applicable. BitMEX: No longer applicable.
What Is The Minimum Buy On Binance And BitMEX?
Binance: No longer applicable. BitMEX: No longer applicable.
Can A Business Use Binance Or BitMEX?
Binance: No longer applicable. BitMEX: No longer applicable.
Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.
He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.
His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.
