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.
Newton holds 80% of client assets offline in custodial cold storage with Coinbase and the remaining 20% in hot wallets secured by Fireblocks, with crypto assets covered by an insurance policy. Customer data is stored on Canadian servers with daily offsite backups, and the platform is tested internally every month and externally every year for vulnerabilities. Mandatory two-factor authentication and direct bank integration round out fraud protection.
Binance employs a multi-layered system structure and a Secure Assets Fund for Users (SAFU), offering an added layer of protection for its clientele.On the other hand, Newton complies with FINTRAC regulations and provides mandatory two-factor authentication for all users, using the Authy app. However, Newton does not provide explicit details about the percentage of digital assets kept in cold storage.
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.
Newton is regulated by the Canadian Securities Administrators, FINTRAC, and securities regulators in every province and territory, a major step up from its early days as a FINTRAC-only MSB. It was among the first Canadian exchanges to pursue securities registration, and its affiliation with DV Trading adds institutional market-making depth behind its pricing.
Binance has had to stop its operations in Ontario due to regulatory issues with the Ontario Securities Commission. As of now, it does not have any specific compliance or registration with Canadian federal organizations.
As a Canadian exchange, Newton adheres to local laws and is recognized by the FINTRAC. It adheres to all relevant Canadian laws pertaining to financial transactions.
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.
Newton has FAQs and a knowledge centre on its website, with support handled through online tickets. There's no phone or live chat, and its middling Trustpilot score mostly reflects slow support and ID-verification frustrations rather than fund-safety issues. For simple buy-and-hold users the support model is adequate; anyone who values a human on demand should look at NDAX or Netcoins instead.
Binance provides round-the-clock customer support, featuring live chat capabilities and an extensive knowledge base in their help center. Newton, on the other hand, provides a knowledge base on its website to answer common questions. It also features an automated chatbot for immediate assistance and a ticketing system for more complex queries. Their support team is available on both weekdays and weekends.
Conclusion
In conclusion, while both Binance and Newton offer commendable services and user experiences, Binance emerges as the victor in this comparison. Its superior security measures, wider range of available cryptocurrencies, more advanced features, and its international reputation for reliability all contribute to its edge. Despite being an international platform, Binance's commitment to compliance and user security makes it a standout choice for crypto enthusiasts, regardless of their geographical location.
Initially, we recommended choosing Binance over Newton 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 Newton.
If you find that neither Binance nor Newton 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.
