Note: Neither platform is available to Canadians. Binance withdrew from the Canadian market in May 2023 after refusing new CSA investor-protection requirements, and it remains unavailable in every province and territory. ByBit exited the Canadian market on September 30, 2023, paid a roughly $2.5 million OSC penalty, and Canada remains on its restricted jurisdictions list. This comparison is preserved for historical reference only.
In this comparison of Binance and ByBit, two major players in the crypto exchange sphere, we evaluate their features, security, compliance in Canada, and customer support. Binance is the world’s largest exchange by trading volume; ByBit is one of the largest derivatives-focused exchanges. Neither is available to Canadians in 2026.
Binance Vs Bybit: 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. Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
Binance Vs Bybit: Master Spec Table
Binance
Bybit
Winner
Company
Binance, founded 2017 by Changpeng Zhao. Canadian entity: Binance Canada Capital Markets Inc. (FINTRAC, ceased). Funding and staff: Not published.
Bybit, HQ Dubai. Canadian FINTRAC entity: Bybit Fintech (Canada) Limited. OSC settled with Bybit Fintech Limited on 2022-06-22. Founder and funding: Not published.
Depends
Regulation
FINTRAC MSB M21783493 (Binance Canada Capital Markets Inc.) Ceased 2023-05-30. Not on the CSA authorized or banned list as of 2026-10-02.
FINTRAC MSB M20624645 (Bybit Fintech (Canada) Limited) Expired 2025-03-08. Not on the CSA authorized or banned list. OSC settlement 2022-06-22, USD 2,468,910 disgorged.
Tie
Assets
Hundreds of coins globally, none accessible from Canada.
1,800+ coins globally, not for new Canadian accounts.
Depends
Price
Historic global base spot fee 0.1% with BNB discounts. Not applicable to Canadians.
Low fees on derivatives, roughly 3% on third-party card payments; schedule Not published. Not applicable.
Depends
CAD In
No longer available to Canadians
No longer available to Canadians
Depends
CAD Out
No longer available to Canadians
No longer available to Canadians
Depends
Crypto In And Out
Legacy Canadian users can withdraw crypto to a private wallet. Networks and minimums: Not published.
No longer available to Canadians
Depends
Custody
Cold storage with multi-signature wallets and the SAFU fund, per Binance. No Canadian entity holds assets today.
Cold storage and 2FA; proof of reserves published after the 2025 hack. No Canadian entity holds assets.
Depends
Verification (KYC)
No longer available to Canadians
No longer available to Canadians
Depends
Account Types
No longer available to Canadians
No longer available to Canadians
Depends
Provinces
No longer available to Canadians
No longer available to Canadians
Depends
Extra Products
No longer available to Canadians
No longer available to Canadians
Depends
Tax Tools
No longer available to Canadians
No longer available to Canadians
Depends
App
Available in supported countries; for Canadians only to withdraw legacy balances.
What Are The Key Differences Between Binance And Bybit?
Binance Vs Bybit: Side By Side
Binance
Bybit
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.
Bybit is a global exchange headquartered in Dubai, with over 1,800 cryptocurrencies. It exited the Canadian market in 2023 and has stayed unavailable to Canadians, with Canada on its restricted jurisdictions list. Its own Canada notice said it acted in light of recent regulatory development.
Coins
Hundreds of cryptocurrencies including BTC, ETH, XRP, DOGE and USDT, none accessible from Canada.
1,800+ crypto coins globally, none open to new Canadian accounts.
Fees
A 0.1% base spot fee, dropping with volume and BNB discounts, was historically among the cheapest anywhere. Not applicable to Canadians now.
Low trading fees, especially on derivatives; roughly 3% card payment fees via third-party providers; no P2P fees; crypto withdrawal fees varied by coin. Not applicable to Canadians.
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
Huge coin selection
Staking, lending and Earn products
OTC desk
Copy trading and trading bots
Low trading fees
Covered 100% of user losses after its 2025 hack, restoring reserves within 72 hours
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
Not available in Canada since 2023, with no return in sight
Suffered the largest crypto hack in history in February 2025 (about $1.5 billion in ETH stolen)
Mandatory KYC since 2023, so the old no-verification signup no longer exists
Advanced platform can be confusing for beginners
No CAD support, only card payments or third-party on-ramps for fiat
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.
Cold storage for assets and 2FA. Proof of Reserves published after the 2025 incident.
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 cannot buy crypto on Bybit. Account creation requires full identity verification tied to your ID country, so VPN workarounds do not work and risk frozen funds. Elsewhere funding was via third-party card providers such as Banxa or MoonPay, crypto deposits and a P2P marketplace.
App
The app works in supported countries; for Canadians its only remaining function was withdrawing legacy balances.
A well-rated app exists in supported countries but is inaccessible to Canadians.
Account Limits
Not applicable. New Canadian registrations were blocked and legacy Canadian accounts were moved to withdrawal-only status.
Not applicable. Legacy Canadian accounts were set to withdrawal-only; elsewhere withdrawal limits depend on KYC level, starting around 20,000 USDT per day for basic accounts.
How Do You Fund And Cash Out Binance And Bybit In Canada?
Legacy Canadian accounts are withdrawal-only. No current funding methods.
What Do Binance And Bybit 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.
Bybit Only
Derivatives, copy trading, Earn (historic): Bybit offered derivatives, copy trading bots, staking, lending and an OTC desk globally. Canadian retail access ended in 2023.
What Happens To Your Money If Binance Or Bybit 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.
Bybit: Bybit has no Canadian registration or recognition, so no Canadian regulator stands behind a balance there. If you still hold funds, withdraw them to a wallet you control; Canadian accounts were set to withdrawal-only. Bybit's February 2025 hack, which it covered in full, shows the platform risk even outside Canada. VPN use breaks its terms and can freeze funds.
How Are Binance And Bybit 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.
Bybit: Trades on Bybit were dispositions for CRA purposes. Export your history while withdrawal access lasts. 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 Bybit?
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 Bybit 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 Bybit?
Bybit left Canada in 2023, in stages. It stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. Its stated reason was "recent regulatory development", meaning the new CSA rules.
The exit followed an Ontario Securities Commission settlement on June 22, 2022, in which Bybit Fintech Limited disgorged USD 2,468,910. Bybit is not on the CSA authorized or banned lists, and the FINTRAC registry shows Bybit Fintech (Canada) Limited (M20624645) as expired on March 8, 2025. I could not re-read Bybit's current restricted-countries page, so I am relying on the 2023 notice.
FINTRAC registration for Bybit Fintech (Canada) Limited expires
What Should Existing Bybit Users Do?
If you opened a Bybit account as a Canadian, the 2023 liquidation date has long passed. Do not open a new one, and keep in mind that an unregistered platform gives you no Canadian investor protection.
What Should Binance And Bybit 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 Bybit In October 2026?
: FINTRAC lists the registration of Bybit Fintech (Canada) Limited as expired.
: The date Bybit set for liquidating remaining Canadian positions.
: Bybit stops opening new Canadian accounts.
: 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 Bybit?
Bybit left Canada in 2023, in stages. It stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. Its stated reason was "recent regulatory development", meaning the new CSA rules.
Can Canadians Still Use Binance Or Bybit?
No. Binance left Canada in May 2023 and is not available to Canadian residents. No. Bybit stopped opening Canadian accounts on May 31, 2023.
What Is The Best Alternative To Binance And Bybit?
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 Bybit Have Limit Orders?
Binance: Yes globally, not for Canadians. Bybit: Yes globally, not for Canadians.
Which Coins Can You Buy On Binance And Bybit?
Binance: Hundreds globally, none for Canadians Bybit: 1,800+ globally, none for new Canadians
Is The Spread The Fee On Binance And Bybit?
Binance: No longer applicable. Bybit: No longer applicable.
Does CIPF Cover My Crypto On Binance Or Bybit?
Binance: CIPF never covers crypto, and this platform no longer serves Canadians. Bybit: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Binance And Bybit Available In Every Province?
Binance: No longer available in any province. Bybit: No longer available in any province.
Do Interac Deposits Work On Weekends On Binance And Bybit?
Binance: No longer applicable. Bybit: No longer applicable.
What Is The Minimum Buy On Binance And Bybit?
Binance: No longer applicable. Bybit: No longer applicable.
Can A Business Use Binance Or Bybit?
Binance: No longer applicable. Bybit: 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.
