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.
Since April 2025, VirgoCX operates as a non-custodial platform, meaning it never holds your crypto. The coins you buy are delivered to your own wallet, so there is no pool of customer funds on the exchange for hackers to steal. This replaces the old model, where assets were held in cold storage with third-party custody and covered by crime insurance. The new approach is actually closer to what we always recommend anyway: holding your own coins in your own Canadian crypto wallet. Fiat balances are held with Canadian banking partners.
Binance places a high priority on security and implements stringent measures to ensure the safety of user accounts and funds. These include the use of two-factor authentication (2FA) for added account protection, cold storage to secure customer funds offline, and collaborations with reputable cybersecurity firms to ensure the platform's resilience against potential threats. Binance has a strong reputation for security.
VirgoCX takes security seriously and offers $1 Million in crime insurance coverage with Coinbase Custody. The exchange stores most crypto assets in cold storage with Coinbase Custody and conducts regular audits. VirgoCX is registered with FINTRAC and PIPEDA, ensuring compliance in Canada.
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.
VirgoCX is registered with FINTRAC as a money services business (MSB M19955733) and appears on the Canadian Securities Administrators' list of crypto platforms authorized to do business with Canadians, so it is fully legal in Canada. It originally registered as a restricted securities dealer in 2022 but did not complete CIRO investment dealer registration, which is why it pivoted to the non-custodial model in April 2025.
Binance operates globally and complies with relevant regulations in various jurisdictions. In 2021, the Ontario Securities Commission (OSC) raised concerns about the compliance of certain crypto exchanges, including Binance, with securities regulations in the province. While Binance decided to halt operations in Ontario and comply with the request, there have been no updates or changes since then. As a result, residents of Ontario are currently unable to use Binance. However, there are no restrictions in other Canadian provinces and territories, and Binance continues to be available to users outside of Ontario.
VirgoCX is a fully regulated Canadian exchange and is registered with FINTRAC and PIPEDA. The exchange adheres to Canadian compliance standards and conducts regular audits to ensure regulatory compliance.
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.
If you need help, you can contact VirgoCX's support team via email or live chat, and they offer multi-language support. Not many exchanges offer live chat.
Binance ensures round-the-clock customer support, offering convenient channels such as live chat and an extensive help center. Users have easy access to a wide range of resources and assistance, enabling them to promptly address any queries or concerns they may have.
VirgoCX offers customer support through email and live chat, available 24/7. The exchange provides multi-language support, which is a valuable feature for users.
Conclusion
In conclusion, both Binance and VirgoCX are reputable cryptocurrency exchanges that cater to the needs of Canadian users. They offer a range of features, security measures, and user-friendly platforms. However, if we were to choose a winner, Binance emerges as the preferred option. Binance stands out due to its extensive global user base, user-friendly mobile and desktop apps, emphasis on security, and continuous efforts to comply with regulatory requirements. Furthermore, Binance's wide range of trading options, low fees, and excellent customer support contribute to its superiority in the crypto exchange landscape.
Initially, we recommended choosing Binance over VirgoCX 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 VirgoCX.
If you find that neither Binance nor VirgoCX 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.
