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. Uphold exited Canada on June 11, 2025, and Canadian accounts were wound down with a withdrawal deadline of September 8, 2025. This comparison is preserved for historical reference only.
We look at two prominent cryptocurrency exchanges: Binance and Uphold. Binance is known for its extensive selection of cryptocurrencies and advanced trading features; Uphold stands out for its multi-asset platform allowing trades across crypto, stocks and precious metals in one place. Neither is available to Canadians in 2026.
Binance Vs Uphold: Which Is Better For Canadians?
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. Uphold stopped supporting accounts for Canadian residents on June 11, 2025 and says it hopes to return. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
What Are The Key Differences Between Binance And Uphold?
Binance Vs Uphold: Side By Side
Binance
Uphold
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.
Uphold is a multi-asset platform offering 200+ cryptocurrencies, precious metals and national currencies, with its signature Anything to Anything trading. As of 2025-06-11 it stopped supporting Canadian accounts due to changes in its operating environment, and says it is working on plans to return in the future.
Coins
Hundreds of cryptocurrencies including BTC, ETH, XRP, DOGE and USDT, none accessible from Canada.
200+ cryptocurrencies, 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.
Uphold priced trades with spreads, historically around 1.8% on crypto for Canadian users and higher on metals, and its fees always ran high compared with dedicated crypto exchanges.
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
Wide range of cryptocurrencies, including lesser-known assets
Multi-asset trading across crypto, metals and currencies
Anything to Anything swaps in seconds
Recurring buy and sell orders
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
Not available in Canada since 2025-06-11
High spreads compared to dedicated exchanges
Canadians who missed the 2025-09-08 withdrawal deadline had remaining crypto converted to CAD
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.
2FA required before transferring funds, roughly 90% of digital assets in cold storage, compliance with OFAC and Bank Secrecy Act requirements, published reserve information and regular audits.
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 on Uphold. The withdrawal deadline was 2025-09-08 and remaining crypto was converted to CAD, which accounts with balances can withdraw by Interac. Do not leave it sitting there, since unclaimed funds may eventually be surrendered under unclaimed property laws. Vault users can withdraw through the Vault Recovery Site while they hold their private keys; Uphold keeps its Vault key for only 12 months after account closure.
App
The app works in supported countries; for Canadians its only remaining function was withdrawing legacy balances.
iOS app rated about 4.6. Google Play rating Not verified (our old rows disagree). For Canadians the app only serves to log in and withdraw CAD.
Account Limits
Not applicable. New Canadian registrations were blocked and legacy Canadian accounts were moved to withdrawal-only status.
New Canadian accounts cannot be opened. Existing accounts are CAD-withdrawal-only via Interac, with limits of CAD 10,000 per transaction and CAD 100,000 per day.
How Do You Fund And Cash Out Binance And Uphold In Canada?
Uphold: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Not published
Not published
CAD 10,000 per transaction, CAD 100,000 per day
Not published
Legacy Canadian accounts are withdrawal-only. No current funding methods. Canadian crypto remaining after 2025-09-08 was converted to CAD. Withdraw by logging in. Unclaimed funds may eventually be surrendered under unclaimed property laws.
What Do Binance And Uphold 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.
Uphold Only
Anything to Anything: One-step swaps between crypto, metals and currencies. Not available to Canadians.
Vault: Self-held Vault accounts can be recovered through the Vault Recovery Site while you hold your private keys; Uphold keeps its Vault key 12 months after closure.
What Happens To Your Money If Binance Or Uphold 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.
Uphold: Uphold's pre-registration undertaking was withdrawn and its Canadian MSB registration expired, so no Canadian regulator covers a leftover balance. Crypto left after 2025-09-08 was converted to CAD and can still be withdrawn by Interac; do not leave it there, because unclaimed funds may be surrendered under unclaimed property laws. Vault users must act within the 12-month key window. Uphold says it hopes to return, but no date exists.
How Are Binance And Uphold 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.
Uphold: The forced conversion to CAD after 2025-09-08 was a disposition, and trades on Uphold were dispositions for CRA purposes. Export your full history while you can still log in. 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 Uphold?
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 Uphold 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 Uphold?
Uphold stopped supporting accounts for Canadian residents on June 11, 2025 and says it hopes to return. It cited "recent changes in our operating environment" and gave no further reason. The withdrawal deadline was September 8, 2025.
After that deadline, remaining crypto was converted to CAD. Accounts with balances are now CAD-withdrawal-only through Interac, with limits of CAD 10,000 per transaction and CAD 100,000 per day. Uphold had filed a pre-registration undertaking with the CSA on March 27, 2023, and delivered a notice of withdrawal on May 29, 2025. FINTRAC shows Uphold Operating Canada Ltd. (M21639172) as expired on January 27, 2026.
Uphold: Timeline
Date
Event
Mar 27, 2023
Uphold files a pre-registration undertaking with the CSA
May 29, 2025
Notice of withdrawal delivered to the CSA
Jun 11, 2025
Uphold stops supporting Canadian accounts
Sep 8, 2025
Withdrawal deadline; remaining crypto converted to CAD
Jan 27, 2026
FINTRAC registration for Uphold Operating Canada Ltd. expires
What Should Existing Uphold Users Do?
If you still have a balance on Uphold, withdraw the CAD through Interac within the limits above. Uphold says it hopes to return to Canada, but nothing I found says when, so do not wait for it.
What Should Binance And Uphold 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 and Wealthsimple Crypto. 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)
Wealthsimple Crypto
CIRO investment dealer member; CSA-authorized
0.5% flat fee plus a spread on market orders; Active Trader tiers drop the fee to 0%
Free (your bank may charge)
170+
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)
Registered mainstream Canadian platform with simple CAD funding for a casual multi-asset buyer.
Wealthsimple charges a flat 0.5% baseline fee on every order, plus a price spread on market orders. Its own example adds a 0.50% fee and a 1.00% spread for 1.50% in total. Limit orders carry no spread. Active Trader status lowers the fee from 0.5% under CAD 10,000 of 30-day volume down to 0% above CAD 15 million, with the spread at 0%, and any order under CAD 100 adds a CAD 1 surcharge.
Wealthsimple Investments Inc. is a CIRO dealer member operating a crypto asset trading platform, with an amended CSA decision dated December 22, 2025. Crypto is held in trust, and Wealthsimple says its custodial partners each carry over $75M in cold storage coverage. Cash is covered by CIPF, but crypto is not.
Wealthsimple Crypto: Pros And Cons
Pros
CIRO dealer member inside an app many Canadians already use
What Changed For Binance And Uphold In October 2026?
: FINTRAC lists the registration of Uphold Operating Canada Ltd. as expired.
: Uphold's withdrawal deadline for Canadians; remaining crypto was converted to CAD.
: Uphold stops supporting accounts for Canadian residents.
: FINTRAC lists Binance Canada Capital Markets Inc. (M21783493) as ceased.
: Binance announces it is leaving the Canadian market.
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 Uphold?
Uphold stopped supporting accounts for Canadian residents on June 11, 2025 and says it hopes to return. It cited "recent changes in our operating environment" and gave no further reason. The withdrawal deadline was September 8, 2025.
Can Canadians Still Use Binance Or Uphold?
No. Binance left Canada in May 2023 and is not available to Canadian residents. No. Uphold stopped supporting Canadian residents on June 11, 2025.
What Is The Best Alternative To Binance And Uphold?
Kraken: Beginners who want to learn, then cheaper trading on Kraken Pro. Wealthsimple Crypto: People who already invest with Wealthsimple.
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 Uphold Have Limit Orders?
Binance: Yes globally, not for Canadians. Uphold: Not applicable.
Which Coins Can You Buy On Binance And Uphold?
Binance: Hundreds globally, none for Canadians Uphold: 200+ globally, none for Canadians
Is The Spread The Fee On Binance And Uphold?
Binance: No longer applicable. Uphold: No longer applicable.
Does CIPF Cover My Crypto On Binance Or Uphold?
Binance: CIPF never covers crypto, and this platform no longer serves Canadians. Uphold: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Binance And Uphold Available In Every Province?
Binance: No longer available in any province. Uphold: No longer available in any province.
Do Interac Deposits Work On Weekends On Binance And Uphold?
Binance: No longer applicable. Uphold: No longer applicable.
What Is The Minimum Buy On Binance And Uphold?
Binance: No longer applicable. Uphold: No longer applicable.
Can A Business Use Binance Or Uphold?
Binance: No longer applicable. Uphold: 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.
