Note: Binance is not 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. Bitbuy is the only active platform here.
BitBuy is one of Canada’s longest-standing and most regulated crypto exchanges, while Binance is one of the world’s biggest and well-known cryptocurrency exchanges. How do they fare for Canadians? Binance exited all of Canada in May 2023 and is completely unavailable. Bitbuy is the live option, now owned by Robinhood following the June 2026 WonderFi acquisition. This comparison is preserved for historical reference only.
Bitbuy Vs Binance: Which Is Better For Canadians?
Neither is an option for Canadians today. Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood and customers are being invited to move to the Robinhood app. Binance left Canada in May 2023 after announcing on May 12, 2023 that new Canadian securities rules made operating there untenable. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
Bitbuy Vs Binance: Master Spec Table
Bitbuy
Binance
Winner
Company
Bitbuy Technologies Inc., founded in Toronto in 2016. Accounts moved to Coinsquare Capital Markets Ltd. in May 2024; parent WonderFi was bought by Robinhood on 2026-06-01. Founders: Not published.
Binance, founded 2017 by Changpeng Zhao. Canadian entity: Binance Canada Capital Markets Inc. (FINTRAC, ceased). Funding and staff: Not published.
Depends
Regulation
FINTRAC MSB M20728803 Ceased 2025-02-20. Bitbuy Technologies Inc. sits under CSA Expired Decisions. Live CSA entry is Coinsquare Capital Markets Ltd., Decision 2024-10-11. Not on the CSA banned list.
FINTRAC MSB M21783493 (Binance Canada Capital Markets Inc.) Ceased 2023-05-30. Not on the CSA authorized or banned list as of 2026-10-02.
Tie
Assets
60+ coins offered (BTC, ETH, SOL, ADA, DOGE, DOT, USDC). Order book on Pro. Current list: see the Robinhood app.
Hundreds of coins globally, none accessible from Canada.
Depends
Price
Express: spread, Pro: maker/taker, exact rates Not published. Robinhood signaled a flat 0.5% on CAD trades after migration.
Historic global base spot fee 0.1% with BNB discounts. Not applicable to Canadians.
Depends
CAD In
Free Interac e-Transfer, wire and bank draft were offered.
No longer available to Canadians
Depends
CAD Out
Not published in the sources reviewed.
No longer available to Canadians
Depends
Crypto In And Out
Crypto deposits and withdrawals to private wallets were allowed. Networks and minimums: Not published.
Legacy Canadian users can withdraw crypto to a private wallet. Networks and minimums: Not published.
Depends
Custody
Held with BitGo, majority in insured cold storage; quarterly proof-of-reserves under CIRO rules. Crypto was never CIPF-covered.
Cold storage with multi-signature wallets and the SAFU fund, per Binance. No Canadian entity holds assets today.
Depends
Verification (KYC)
No longer available to Canadians
No longer available to Canadians
Depends
Account Types
Express and Pro platforms; OTC desk and Private Wealth.
No longer available to Canadians
Depends
Provinces
No longer available to Canadians
No longer available to Canadians
Depends
Extra Products
Staking on nine coins including ETH, SOL, ADA and DOT, at a combined 39% fee on rewards.
No longer available to Canadians
Depends
Tax Tools
No longer available to Canadians
No longer available to Canadians
Depends
App
App Store rating 4.6 (Oleg's old row). Being replaced by the Robinhood app.
Available in supported countries; for Canadians only to withdraw legacy balances.
What Are The Key Differences Between Bitbuy And Binance?
Bitbuy Vs Binance: Side By Side
Bitbuy
Binance
Description
Bitbuy was founded in Toronto in 2016 and was one of the first registered crypto marketplaces in Canada. It offered 60+ cryptocurrencies through an Express platform for beginners and a Pro platform for experienced traders. Its accounts moved to Coinsquare Capital Markets Ltd. in May 2024, and since June 2026 it has been part of Robinhood, which acquired parent company WonderFi for C$250 million. Customers are being invited to move to the Robinhood app.
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.
Coins
60+ including Bitcoin, Ethereum, Solana, Cardano, Dogecoin, Polkadot and USDC.
Hundreds of cryptocurrencies including BTC, ETH, XRP, DOGE and USDT, none accessible from Canada.
Fees
Free Interac e-Transfer deposits. Express Trade prices included a spread, the pricier way to buy. Pro Trade used lower maker/taker fees with TradingView charting. Staking carried a combined fee of roughly 39% of rewards (30% Bitbuy plus 9% custodian). Robinhood has signaled a flat 0.5% CAD trading fee after migration; the schedule is likely to change during the transition.
A 0.1% base spot fee, dropping with volume and BNB discounts, was historically among the cheapest anywhere. Not applicable to Canadians now.
Pros
One of Canada's longest-standing registered platforms, later under CIRO oversight with segregated client assets and quarterly proof-of-reserves
Express and Pro platforms served beginners and advanced traders alike
Free Interac e-Transfer deposits
Staking on nine coins including ETH, SOL, ADA and DOT
Insured cold storage custody with BitGo and a clean security track record
OTC desk and Private Wealth services
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
Cons
No longer a separate platform: accounts moved to Coinsquare Capital Markets Ltd., then to Robinhood
Staking's roughly 39% combined cut of rewards was the highest in Canada
Support was email-ticket only, with no live chat or phone
Fees ran higher than global competitors unless you stuck to Pro Trade
No margin, derivatives or stop-loss orders
Migration to the Robinhood app brings new terms, fees and interface
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
Security
Majority of digital assets in insured cold storage with BitGo, mandatory 2FA, quarterly proof-of-reserves under CIRO requirements, withdrawals to private wallets allowed. No hacks in nearly a decade of operation.
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.
Methods To Buy
Interac e-Transfer, wire transfer, bank draft and crypto deposits were accepted. Today new Canadians are pointed to the Robinhood app instead.
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.
App
Bitbuy's app held a 4.6-star rating on the App Store. It is being replaced by the Robinhood app.
The app works in supported countries; for Canadians its only remaining function was withdrawing legacy balances.
Account Limits
Standard verified accounts handled typical retail volumes, with OTC and Private Wealth desks for large trades. Legacy limit figures changed repeatedly through the platform mergers.
Not applicable. New Canadian registrations were blocked and legacy Canadian accounts were moved to withdrawal-only status.
How Do You Fund And Cash Out Bitbuy And Binance In Canada?
Bitbuy: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free
Not published
Not published
Not published
Funding for the live platform is now on Robinhood. Bitbuy-specific limits are Not published. Legacy Canadian accounts are withdrawal-only. No current funding methods.
What Do Bitbuy And Binance Offer Beyond Buying And Selling?
Bitbuy Only
Staking:Staking on nine coins including ETH, SOL, ADA and DOT, with a combined 39% cut of rewards (30% Bitbuy plus 9% custodian).
OTC desk and Private Wealth: Offered for large trades.
Binance Only
Derivatives, margin and P2P (historic): Binance offered futures, margin and P2P trading globally. Canadian retail access ended in May 2023.
What Happens To Your Money If Bitbuy Or Binance Fails?
Bitbuy: Existing Bitbuy users should watch for Robinhood migration emails and read the new terms and fees before accepting. Accounts are held by Coinsquare Capital Markets Ltd., a CIRO-regulated dealer, and the registry says the CSA entry for Bitbuy Technologies Inc. is expired. If you do not want to move, withdraw your crypto to a wallet you control. CIPF covers cash but never crypto.
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.
How Are Bitbuy And Binance Treated For Tax In Canada?
Bitbuy: Selling or swapping crypto on Bitbuy was a disposition for CRA purposes. Export your full transaction history before your account is migrated or closed. Export formats: Not published.
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.
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, Bitbuy Or Binance?
Choose Bitbuy 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.
You hold a Bitbuy account and want to compare it with what Robinhood is offering before you accept the migration.
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.
What Happened To Bitbuy?
Bitbuy is no longer a separate platform. Its accounts were moved to Coinsquare Capital Markets Ltd. (CCML) on May 28, 2024, because its CSA relief was time-limited and it had to move to CIRO oversight. Since Robinhood closed its WonderFi purchase on June 1, 2026, the Bitbuy site tells users it is now part of Robinhood and invites customers to move to the Robinhood app.
The FINTRAC registry lists Bitbuy Technologies Inc. (M20728803) as ceased on February 20, 2025, and the CSA files Bitbuy Technologies Inc. under expired decisions. The live CSA entry is Coinsquare Capital Markets Limited. Robinhood launched crypto trading in Canada on July 1, 2026 with 50+ coins and a flat 0.5% CAD fee for the first few months, and a zero-fee promotion for Canada ended September 30, 2026. Its fee schedule sets the fee at 0.5% through October 31, 2026 and 0.95% from November 1, 2026. Staking was not available at the Robinhood launch, and crypto is not covered by CIPF.
Bitbuy: Timeline
Date
Event
May 28, 2024
Bitbuy accounts move to Coinsquare Capital Markets Ltd.
Feb 20, 2025
FINTRAC lists Bitbuy Technologies Inc. as ceased
Jun 1, 2026
Robinhood closes its WonderFi purchase
Jul 1, 2026
Robinhood crypto trading launches in Canada
Sep 30, 2026
Robinhood zero-fee promotion for Canada ends
What Should Existing Bitbuy Users Do?
If you have a Bitbuy account, your assets sit with CCML and you will be invited to move to the Robinhood app in phases, by email and in-app prompt. You can also withdraw to your own wallet. For a new account, I would not start on Bitbuy.
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 Should Bitbuy And Binance Users Use Instead?
Neither platform can take new Canadian customers, so the real question is where to go next. My status registry points to Coinbase and Kraken. 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
Coinbase
CSA Restricted Dealer in all provinces and territories
Up to 1.875% Coinbase fee on simple buys (varies by payment method), plus spread
Free Interac e-Transfer and EFT
200+
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)
Why Coinbase Fits
Registered Restricted Dealer in all provinces with free Interac e-Transfer funding, the closest mainstream beginner pick in the ranking.
On simple buys, Coinbase's Canadian fee disclosure says it may charge a 1.875% Coinbase fee, which varies by payment method, on top of a spread shown in the order preview. A separate 1% execution fee applies to simple limit orders. I could not verify the Advanced maker and taker rates for Canada, so I will not quote them.
Coinbase Canada, Inc. is a Restricted Dealer in all provinces and territories, with an amended CSA decision dated April 1, 2026, and it holds a FINTRAC money services business registration (M22815925). It is not a CIRO member, and its user agreement says fiat balances are not protected by CIPF. Coinbase says it holds customer assets 1:1 and does not lend them without permission. I found no insurance dollar figure on its Canadian pages.
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)
What Changed For Bitbuy And Binance In October 2026?
: Robinhood's zero-fee promotion for Canada ended, per a Robinhood post.
: Robinhood launched crypto trading in Canada with 50+ coins.
: Robinhood closed its WonderFi purchase; Bitbuy is now part of Robinhood.
: FINTRAC lists Binance Canada Capital Markets Inc. (M21783493) as ceased.
: Binance announces it is leaving the Canadian market.
Frequently Asked Questions
What Happened To Bitbuy?
Bitbuy is no longer a separate platform. Its accounts were moved to Coinsquare Capital Markets Ltd. (CCML) on May 28, 2024, because its CSA relief was time-limited and it had to move to CIRO oversight. Since Robinhood closed its WonderFi purchase on June 1, 2026, the Bitbuy site tells users it is now part of Robinhood and invites customers to move to the Robinhood app.
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.
Can Canadians Still Use Bitbuy Or Binance?
Not as a separate platform. Bitbuy accounts moved to Coinsquare Capital Markets Ltd., and the brand is now part of Robinhood. No. Binance left Canada in May 2023 and is not available to Canadian residents.
What Is The Best Alternative To Bitbuy And Binance?
Coinbase: First-time buyers who want a regulated, simple app. Kraken: Beginners who want to learn, then cheaper trading on Kraken Pro.
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 Bitbuy And Binance Have Limit Orders?
Bitbuy: Yes on Pro, historically. Binance: Yes globally, not for Canadians.
Which Coins Can You Buy On Bitbuy And Binance?
Bitbuy: 60+ coins offered Binance: Hundreds globally, none for Canadians
Is The Spread The Fee On Bitbuy And Binance?
Bitbuy: Express prices included a spread, which was the cost. Binance: No longer applicable.
Does CIPF Cover My Crypto On Bitbuy Or Binance?
Bitbuy: CIPF never covers crypto, and this platform no longer serves Canadians. Binance: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Bitbuy And Binance Available In Every Province?
Bitbuy: Bitbuy's CSA entry expired; accounts now sit with Coinsquare Capital Markets Ltd. Binance: No longer available in any province.
Do Interac Deposits Work On Weekends On Bitbuy And Binance?
Bitbuy: No longer applicable. Binance: No longer applicable.
What Is The Minimum Buy On Bitbuy And Binance?
Bitbuy: Not published Binance: No longer applicable.
Can A Business Use Bitbuy Or Binance?
Bitbuy: Private Wealth and OTC desks existed. Binance: 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.
