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.
Netcoins keeps the majority of client crypto in cold storage with custodian BitGo, whose private keys live in air-gapped offline systems, while hot wallet operations run through Fireblocks. Two-factor authentication is mandatory for withdrawals, and multi-signature wallets add another layer. Its parent company's blockchain surveillance technology monitors wallet addresses and transactions for fraud and links to criminal enterprises. Netcoins has operated since 2014 without a hack.
Binance prioritizes security and implements robust measures, including two-factor authentication (2FA), cold storage for customer funds, and partnerships with leading cybersecurity firms. Binance has established a strong reputation for its emphasis on security.
On the other hand, Netcoins, owned by BIGG Digital Assets, a publicly traded company, provides an added layer of trust and transparency. It is registered as a MSB with FINTRAC and employs services to monitor wallet addresses and transactions for potential fraud and criminal connections. However, there is no explicit information available regarding the storage of customer funds.
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.
Netcoins is one of the most regulated exchanges in Canada. Beyond its FINTRAC MSB registration, it has been registered as a Restricted Dealer with the Canadian securities regulators in every province since 2021, among the very first platforms to achieve this, and is working toward full investment dealer registration and CIRO membership. Its parent, BIGG Digital Assets, is publicly traded and must publish audited financial statements, adding a transparency layer most private exchanges can't match.
Binance operates globally and has specific compliance measures in place, including adherence to international AML and CTF regulations. However, it's important to note that Binance does not currently operate in Ontario due to regulatory considerations.
Netcoins is specifically designed for Canadians and is fully regulated and compliant in Canada. It is registered as a MSB with FINTRAC, which ensures adherence to Canadian regulatory requirements.
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.
Netcoins offers email, live chat and phone support seven days a week, and phone support remains rare among crypto exchanges. Its reputation for customer service is strong, with reviewers consistently praising the fast, human support and quick verification, though some negative reviews cite blocked withdrawals during compliance checks. Check the live Trustpilot page for the current rating before quoting a number.
Binance ensures round-the-clock customer support, offering live chat assistance and a comprehensive help center to promptly address user queries and concerns. Users have access to an extensive array of resources and support services to effectively address any concerns or difficulties they may encounter during their usage of the platform.
Similarly, Netcoins also provides 24/7 support, including live chat, email, and even phone support, which is a rare feature in the crypto exchange industry. Netcoins has earned a positive reputation for its customer service, with users appreciating the quick response and helpfulness of the support team.
Conclusion
Both Binance and Netcoins have their strengths, but Binance emerges as the preferred choice. Binance offers a user-friendly mobile app, advanced desktop trading tools, robust security measures, and operates globally. While Netcoins is designed for Canadians, its high trading fees, unclear fund storage information, and limited selection of cryptocurrencies may be drawbacks. Binance's global presence, extensive features, and strong security measures position it as the winner in this comparison.
Initially, we recommended choosing Binance over Netcoins 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 Netcoins.
If you find that neither Binance nor Netcoins 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.
