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.
Bitbuy remains one of the safest crypto exchanges for Canadians. Client assets are segregated and held predominantly in insured cold storage with custodian BitGo, protected by mandatory two-factor authentication, and verified through quarterly proof-of-reserves reporting required under CIRO oversight. Bitbuy has operated since 2016 without a hack. The Robinhood acquisition doesn't change these protections, since Robinhood stepped into Canada's existing regulatory structure rather than around it. As always, crypto itself isn't covered by CIPF, so long-term holdings belong in your own wallet.
Both Bitbuy and Binance are secure crypto exchanges. Binance is a giant in the crypto space and with that comes peace of mind knowing your assets are in the hands of a reputable company. However, being a giant also makes you a target for hackers. Binance has in fact been hacked before. In 2019, hackers stole 7,000 BTC, which was about 2% of Binance’s Bitcoin holdings at the time. Luckily, that was all the hackers could get their hands on as Binance keeps almost all assets in cold storage.
As for Bitbuy, the Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen. Bitbuy is one of the top Canadian crypto exchanges when it comes to security.
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.
Bitbuy's regulatory pedigree is among the best in Canada: it was the country's first registered crypto marketplace back in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi group's registered dealer. In June 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control, making Bitbuy part of a Nasdaq-listed company while keeping all Canadian registrations in place. The old IIROC Crypto-Asset Working Group reference is obsolete, as IIROC merged into CIRO in 2023.
Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. We think Bitbuy is doing a stellar job of complying with Canadian laws and regulations.
Binance on the other hand has faced some recent trouble regarding regulations in Canada. Since Binance allows futures trading on its platform, they have recently stopped operating in Ontario rather than comply with Ontario securities regulations. Some fear that Binance may face regulatory action in other provinces as well. However, on 29 December 2021, Ontario Securities Commission (OSC) allowed Binance to continue its operations in Canada and resume business in Ontario. As a result, Binance officially became fully legit 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.
Bitbuy has FAQs and a knowledge centre on its website, with support handled through email tickets. There's no live chat or phone line, and replies can take a while for complex issues, which is a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should also watch their inbox for Robinhood migration communications and review new terms carefully before accepting them.
Binance and Bitbuy have FAQs and knowledge centres on their websites. Binance makes it hard for you to contact support by trying to get you to read their support articles first. Bitbuy, however, makes it easy to submit a support ticket.
Conclusion
Although Binance has hundreds of cryptocurrencies available, it isn’t easy or cheap for Canadians to purchase them. There is no Interac e-Transfer option available unless you go through a third-party provider which incurs fees. Additionally, not all Canadian banks allow credit or debit card crypto purchases. This makes it a hassle to deposit funds.
Bitbuy is dedicated to making it easy for Canadians to trade cryptocurrency and we would encourage you to support Canadian crypto exchanges like Bitbuy for this reason.
Additionally, Bitbuy is one of the cheapest Canadian crypto exchanges, the most secure, and the most trusted. We think Bitbuy is the best choice for Canadians looking to trade crypto. Sign up by using this link and get free $20 when you trade $250 CAD or more.
On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.
