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. KuCoin is permanently banned from Ontario's capital markets and listed as a banned platform nationwide by the CSA since June 2022. This comparison is preserved for historical reference only.
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. KuCoin is on the CSA banned list after the Ontario Securities Commission ordered it permanently out of Ontario's markets in June 2022, and other provinces reciprocated. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Hundreds of coins globally, none accessible from Canada.
700+ coins globally, not for Canadians.
Depends
Price
Historic global base spot fee 0.1% with BNB discounts. Not applicable to Canadians.
Maker/taker from about 0.1% / 0.1%, VIP tiers, 20% off with KCS. Not for Canadians.
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.
Free crypto deposits, variable withdrawal fees. Transfers from KuCoin to regulated Canadian exchanges may be blocked.
Depends
Custody
Cold storage with multi-signature wallets and the SAFU fund, per Binance. No Canadian entity holds assets today.
Hacked for $275M in 2020 (about $200M recovered). Not recognized in Canada; no recourse.
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
Banned in Ontario and reciprocated elsewhere. KuCoin's terms (updated 2026-09-29) name Ontario and British Columbia as Restricted Locations, not all of Canada.
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 KuCoin?
Binance Vs KuCoin: Side By Side
Binance
KuCoin
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.
KuCoin is a Seychelles-based cryptocurrency exchange known for its huge altcoin selection, futures trading and trading bots, serving tens of millions of users worldwide. It is not available to Canadians: it is permanently banned from Ontario's capital markets, appears on the CSA's banned platform list, and its mandatory identity verification blocks Canadian sign-ups.
Coins
Hundreds of cryptocurrencies including BTC, ETH, XRP, DOGE and USDT, none accessible from Canada.
700+ coins globally, not 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.
Low maker/taker trading fees starting around 0.1% and 0.1%, decreasing with VIP level. Free crypto deposits, variable withdrawal fees. KCS holders got a 20% discount on trading fees.
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 range of altcoins
Advanced order types, futures, lending and trading bots
Low fees
Licensed in some regions (MiCA in the EU via Austria, AUSTRAC in Australia)
None of this is available to Canadians
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
Permanently banned from Ontario's capital markets with about CAD 2 million in penalties, a ruling reciprocated across Canada
Mandatory KYC since July 2023 ended anonymous trading
Warning: using a VPN to get around the block violates KuCoin's terms, and KuCoin can freeze accounts and withhold funds from users dodging geo-blocks
Hacked for $275 million in 2020
Guilty plea in the US with about $297 million in penalties
Regulated Canadian exchanges have blocked incoming transfers from KuCoin
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.
$275 million was stolen in the 2020 hack attributed to North Korean hackers, with around $200 million later recovered. 2FA available, mandatory KYC and tightened compliance since 2023.
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 KuCoin. Verification requires ID from a supported country, and Canada is not one. Legacy users should withdraw, but transfers arriving directly at regulated Canadian exchanges from KuCoin may be blocked, so route through your own wallet first.
App
The app works in supported countries; for Canadians its only remaining function was withdrawing legacy balances.
The app works 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 for Canadians. Elsewhere limits depend on KYC tier; unverified legacy accounts can only sell or withdraw.
How Do You Fund And Cash Out Binance And KuCoin In Canada?
Legacy Canadian accounts are withdrawal-only. No current funding methods. No funding for Canadians. Legacy users can only withdraw.
What Do Binance And KuCoin 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.
KuCoin Only
Futures, lending and trading bots (historic): KuCoin offered futures, lending and bots globally. Not available to Canadians.
What Happens To Your Money If Binance Or KuCoin 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.
KuCoin: KuCoin is banned by Canadian regulators, so there is no registered Canadian entity, no CIPF cover and no complaint route that gets your money back. If you hold funds, withdraw to a wallet you control before sending anywhere else, because transfers straight to Canadian exchanges may be blocked. Warning: using a VPN violates its terms and can freeze your account. It was also hacked for $275 million in 2020.
How Are Binance And KuCoin 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.
KuCoin: Trades on KuCoin were dispositions for CRA purposes. Export your 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 KuCoin?
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 KuCoin 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 KuCoin?
KuCoin is on the CSA banned list. On June 21, 2022 the Ontario Securities Commission ordered it permanently out of Ontario's markets, with a CAD 2,000,000 administrative penalty and CAD 96,550.35 in costs, and other provinces reciprocated. The banned entities are Mek Global Limited (Seychelles) and PhoenixFin Pte. Ltd. (Singapore).
KuCoin has no Canadian legal entity, and I found no KuCoin or Mek Global entry in the FINTRAC registry. Its terms of use, updated September 29, 2026, name only Ontario and British Columbia among its restricted locations, but the CSA list is the one that counts for you.
KuCoin updates its terms of use, still naming Ontario and British Columbia as restricted
What Should Existing KuCoin Users Do?
Do not open a KuCoin account as a Canadian. If you already hold funds there, withdraw them to your own wallet or to a registered platform, because a banned platform gives you no regulatory protection.
What Should Binance And KuCoin 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 KuCoin In October 2026?
: KuCoin updated its terms of use, which name Ontario and British Columbia among its restricted locations.
: FINTRAC lists Binance Canada Capital Markets Inc. (M21783493) as ceased.
: Binance announces it is leaving the Canadian market.
: The Ontario Securities Commission ordered KuCoin permanently out of Ontario's markets.
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 KuCoin?
KuCoin is on the CSA banned list. On June 21, 2022 the Ontario Securities Commission ordered it permanently out of Ontario's markets, with a CAD 2,000,000 administrative penalty and CAD 96,550.35 in costs, and other provinces reciprocated. The banned entities are Mek Global Limited (Seychelles) and PhoenixFin Pte. Ltd. (Singapore).
Can Canadians Still Use Binance Or KuCoin?
No. Binance left Canada in May 2023 and is not available to Canadian residents. No. KuCoin is on the CSA banned list after an Ontario Securities Commission decision in June 2022.
What Is The Best Alternative To Binance And KuCoin?
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 KuCoin Have Limit Orders?
Binance: Yes globally, not for Canadians. KuCoin: Yes globally, not for Canadians.
Which Coins Can You Buy On Binance And KuCoin?
Binance: Hundreds globally, none for Canadians KuCoin: 700+ globally, none for Canadians
Is The Spread The Fee On Binance And KuCoin?
Binance: No longer applicable. KuCoin: No longer applicable.
Does CIPF Cover My Crypto On Binance Or KuCoin?
Binance: CIPF never covers crypto, and this platform no longer serves Canadians. KuCoin: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Binance And KuCoin Available In Every Province?
Binance: No longer available in any province. KuCoin: Banned in Ontario and reciprocated across Canada.
Do Interac Deposits Work On Weekends On Binance And KuCoin?
Binance: No longer applicable. KuCoin: No longer applicable.
What Is The Minimum Buy On Binance And KuCoin?
Binance: No longer applicable. KuCoin: No longer applicable.
Can A Business Use Binance Or KuCoin?
Binance: No longer applicable. KuCoin: 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.
