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.
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member, Shakepay's CAD balances carry Canadian Investor Protection Fund coverage up to $1 million, though crypto assets fall outside CIPF. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
Binance utilizes a layered and clustered system structure, supplementing user protection with its Secure Assets Fund for Users (SAFU) for enhanced security. It uses advanced security technologies like two-factor authentication (2FA), biometric recognition, and AI-driven behavior analysis to safeguard user accounts. Shakepay claims that digital assets are backed by an insurance policy, although no further details are provided. The platform also bolsters security by providing options for two-factor authentication (2FA), FaceID, and biometric confirmation to hinder unauthorized access. Despite this, the lack of clarity regarding the percentage of assets held in cold storage (offline) might be a concern for some users.
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.
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces. Montreal-based, it operates in every Canadian province and territory.
Both Binance and Shakepay are registered with FINTRAC and comply with the relevant Canadian federal regulations.
As a global cryptocurrency exchange, Binance follows international anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, including compliance with the US Bank Secrecy Act and the recommendations of the Financial Action Task Force (FATF). These regulations are aimed at preventing illegal activities and ensuring the security of its users.
The Ontario Securities Commission (OSC) made a public statement in June 2021 stating that Binance was not authorized to conduct business in the province. The statement also advised investors to exercise caution when dealing with Binance or any other crypto exchange that is not registered with the OSC. Binance subsequently announced that it would no longer offer services to Ontario-based users, citing the regulatory uncertainty in the province as the reason.
Overall, both Binance and Shakepay comply with the relevant regulations and are considered safe and trustworthy cryptocurrency exchanges in Canada.
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.
Shakepay offers chat support, helpful FAQs and email support at [email protected], with tickets typically answered within hours, even on weekends. When we tested it, we received a reply in under 24 hours, and customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
Binance provides customer service round the clock with an array of support options including a live chat feature and an extensive help center. It also has a virtual assistant chat box and a support ticket system to address user queries and concerns.
Shakepay claims to have responsive customer service, with a support ticket system that responds to queries within hours, even on weekends. The exchange also offers a useful FAQ section on its website to assist with common inquiries.
Conclusion
Both Binance and Shakepay are excellent platforms for cryptocurrency trading, each with its own unique strengths. Shakepay's simplicity and its unique features like Bitcoin cashback on Visa card transactions make it an appealing option for those new to the crypto space. However, Binance, with its extensive cryptocurrency offerings, advanced trading features, robust security measures, and comprehensive customer support, offers a more rounded experience for both novice and experienced traders. Therefore, in this comparison, Binance emerges as the winner.
Initially, we recommended choosing Binance over Shakepay 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 Shakepay.
If you find that neither Binance nor Shakepay 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.
