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.
KuCoin offers two-factor authentication and has tightened compliance considerably since its early years. Its history still matters though: $275 million was stolen by North Korean hackers in 2020, with about $200 million recovered, and in 2025 its operator pleaded guilty in the US to anti-money-laundering failures. If you somehow still have funds on the exchange, move them to a private crypto wallet.
Both Binance and Kucoin offer world-class security meaning your coins are in relatively safe hands. Both exchanges offer two-factor authentication, so you can prevent unauthorized access to your account.
Binance also offers crypto address whitelisting, which means you can select which addresses can withdraw your cryptocurrency. Whitelisting helps prevent your funds from being transferred to an address you don’t recognize.
In 2020, $275 million worth of crypto was stolen from Kucoin by North Korean hackers. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet.
There is very little information on Kucoin’s website regarding its security measures, so trade with care. You can, however, set up Google Authenticator for two-factor authentication.
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.
KuCoin is banned in Canada. After ignoring OSC proceedings entirely, KuCoin received a permanent ban from Ontario's capital markets in June 2022 along with the maximum penalties the tribunal could impose, about $2 million plus costs, and the CSA lists it as a banned platform nationwide. Mandatory KYC since July 2023 means there is no longer any workaround, and using a VPN violates KuCoin's own terms with the risk of frozen funds and zero consumer protection or legal recourse in Canada. This is a hard no for Canadians, not a grey area.
To sign up and start trading on Kucoin you only need to provide your email address. There is a daily limit to how much you can withdraw (1 BTC or 400 CAD) but you do not need to verify your account unless you want to get higher withdrawal limits. This poses the question how compliant Kucoin is. It is not easy to find compliance information on Kucoin’s website, but a press release from June, 2020 announced Kucoin was partnering with Chainalysis to help prevent money laundering and fraud on its platform.
In June, 2021, the Ontario Securities Commission stated that Kucoin and Binance was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. Binance faced the same allegation and has since ceased operations in Ontario.
Canadian residents can use both Binance (except Ontario residents) and Kucoin to their full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, neither platform allows Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD on Binance or Kucoin. Both Visa and Mastercard are accepted on Binance.
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.
KuCoin offers FAQs, an online ticketing system and 24/7 live chat for users in supported countries. For Canadians the only relevant support scenario is recovering legacy funds, and be prepared for friction, since closed-jurisdiction withdrawals often involve extra verification steps.
Both Binance and Kucoin offer helpful FAQs and online ticketing service for their customers. Both offer 24/7 support and a live chat option. Neither exchange offers a phone support service.
Conclusion
Both Binance and Kucoin are great cryptocurrency exchanges for Canadians that offer a wide selection of coins. However, Binance is more popular among Canadians for several reasons (except for the ones who live in Ontario). If you’re mostly interested in trading altcoins then Binance is the clear winner, especially because it has some of the lowest fees of any exchange and Binance is safer. If you hold Binance’s own coin Binance coin (BNB) fees are even lower. Once you become more experienced with trading cryptocurrency, you might be tempted by Binance’s advanced trading orders.
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 other crypto exchange. In this case, we can recommend Coinbase to you.
On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.
