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.
CoinField marketed itself as a highly secure exchange using cold storage, multi-signature wallets and encryption. The regulatory record tells a different story: the OSC found the platform did not have sufficient crypto assets in custody to satisfy investor withdrawal requests and misled both investors and the regulator about why withdrawals were delayed. Whatever its technical security, customer funds were not safe. This is a textbook example of why we recommend holding your own coins in your own crypto wallet rather than leaving them on any exchange.
Binance has implemented stringent security measures to protect user assets. It utilizes a multi-tier and multi-cluster system architecture, along with the Secure Assets Fund for Users (SAFU) for additional protection. Binance prioritizes account security and offers additional measures such as two-factor authentication (2FA) to bolster the protection of user accounts.
CoinField prioritizes security and privacy, employing measures such as cold storage, multisignature wallets, encryption, and isolated servers. Users can enable 2FA for added account protection, and all withdrawals require email confirmation. CoinField has a solid reputation for maintaining a secure environment.
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.
CoinField's FINTRAC registration was ceased, and the company was never registered with Canadian securities regulators. In August 2024, Ontario's Capital Markets Tribunal found it violated securities law through unregistered trading, illegal distribution and misleading investors, and in 2025 it was permanently banned from Ontario's capital markets with over $3 million in combined penalties, disgorgement and costs. CoinField did not participate in the proceedings.
Being a global exchange, Binance complies with international regulations concerning anti-money laundering (AML) and counter-terrorism financing (CTF), which encompass guidelines such as the US Bank Secrecy Act and the recommendations of the Financial Action Task Force (FATF). While Binance operates in Canada, it is important to note that it faced regulatory concerns in some provinces, such as Ontario.
CoinField is a compliant exchange, ensuring adherence to regulatory standards. It follows the regulatory framework established by the European Union (EU), as it is an EU-based exchange. CoinField also operates within the legal framework of Canada, including compliance with provincial regulations.
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.
There is no customer support because there is no company left to contact. Former customers with unfulfilled withdrawals were harmed when the platform collapsed, and the tribunal noted the total harm to investors remains uncertain. If you were affected, you can report your experience to the OSC. If anyone contacts you claiming to recover your lost CoinField funds for a fee, that is a recovery scam, a common second-wave fraud targeting victims of collapsed exchanges.
Binance offers 24/7 customer support through various channels, including live chat, a comprehensive help center, and a support ticket system. Users appreciate the prompt and responsive customer service provided by Binance. CoinField allows users to submit support tickets online or via email for assistance. While customer support is available on weekdays and weekends, some users have reported slower response times. CoinField aims to improve its support system to better serve its customers.
Conclusion
As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes.
Both Binance and CoinField are reputable crypto exchanges with their own strengths. Binance stands out for its robust mobile and desktop trading platforms, extensive security measures, compliance with international regulations, and excellent customer support. While CoinField offers a user-friendly mobile app, a wide range of fiat currencies, and a secure trading environment, it falls short in terms of the selection of cryptocurrencies and availability. Taking these factors into account, Binance emerges as the winner, offering a comprehensive and reliable platform for cryptocurrency trading.
Initially, we recommended choosing Binance or CoinField 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 CoinField.
If you find that neither Binance nor CoinField 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.
