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.
ByBit's security record now carries a major asterisk. In February 2025, attackers linked to North Korea's Lazarus Group exploited ByBit's multi-signature wallet transfer process and stole roughly $1.5 billion in Ethereum, the largest crypto theft ever recorded. To ByBit's credit, no customers lost funds: the exchange covered all losses from its own liquidity and replenished reserves within about 72 hours, a crisis response widely considered the best the industry has seen. Still, the breach shows that even cold storage and multisig setups can be defeated. Users can secure their accounts with two-factor authentication via Google Authenticator. ByBit also previously ran into trouble in Canada specifically, paying a roughly $2.5 million penalty to the Ontario Securities Commission in 2022 for operating without registration.
Binance has an impressive security system that uses the SAFU (Secure Asset Fund for Users) fund to protect users and their funds. It also offers 2FA (two-factor authentication), biometric recognition, and anti-phishing tools for added security. ByBit ensures user security through 2FA and uses cold storage for assets. However, it is not clear what percentage of funds are held in cold storage, indicating a lack of transparency about its security measures.
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.
ByBit exited the Canadian market in 2023 due to Canadian regulations and Canada remains on its restricted jurisdictions list. Notably, ByBit has since obtained licenses elsewhere, including a MiCA license serving the EEA through ByBit EU and a UK relaunch in late 2025, but it has shown no intention of registering with Canadian regulators.
Binance is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). However, it has faced issues with the Ontario Securities Commission (OSC) and is currently not operational in Ontario.
ByBit doesn't operate in Ontario due to issues with the OSC, but it registered with FINTRAC.
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.
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange, plus ticket-based and chat support. For Canadians this is academic, since the platform is off-limits entirely.
Binance provides an extensive range of customer support options, including a comprehensive Help Center, live chat, and a responsive email support system. ByBit has a support center with various guides about crypto and how to use the exchange. Customers can create a ticket on the website if they need to contact support. The support team reportedly responds within an hour.
Conclusion
Both Binance and ByBit have their strengths, with robust trading platforms, a good range of cryptocurrencies, and options for advanced trading.
In the event of picking a superior platform, Binance would be our selection. The reasons for this include Binance's wider geographical acceptance, especially in most parts of Canada, better transparency about its security measures, and its registration with FINTRAC, which indicates a higher level of compliance with Canadian federal laws. While ByBit is a competent platform, Binance's edge in these areas makes it the more appealing choice.
Initially, we recommended choosing Binance over ByBit for your cryptocurrency trading needs. However, Binance and Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance or Bybit over other crypto exchanges.
If you find that neither Binance nor ByBit 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.
