Security Compliance
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.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
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, completed June 1, 2026, doesn't change these protections — Robinhood stepped into Canada's existing regulatory structure rather than around it, and C$2.1 billion in Canadian client assets under custody remain subject to the same CIRO requirements. Crypto assets themselves aren't covered by CIPF, so long-term holdings belong in your own wallet.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program. The company was fined $100 million in January 2025, and its three co-founders — Arthur Hayes, Benjamin Delo and Samuel Reed — were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
Both Bitbuy and BitMEX prioritize security through cold storage and multi-signature protocols. Bitbuy's CIRO-mandated quarterly proof-of-reserves and insured custody with BitGo give it a clear structural edge for Canadian retail investors. BitMEX's security is solid technically but irrelevant to Canadians who cannot access the platform.
Regulatory Compliance
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.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Bitbuy's regulatory pedigree is among the best in Canada. It was the country's first registered crypto marketplace in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi/Robinhood group's registered dealer structure. On June 1, 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control of Coinsquare Capital Markets on May 20, 2026, bringing Bitbuy under Robinhood's international operations while keeping all Canadian registrations intact.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Bitbuy is registered with FINTRAC and operates under CIRO as a registered dealer — among the strongest regulatory positions any Canadian crypto platform can hold. BitMEX lists Canada as a restricted jurisdiction and has no Canadian regulatory registration.
Customer support
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.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
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 — a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should watch their inbox closely for Robinhood migration communications and review any new terms carefully before accepting them.
BitMEX offers support via a contact form on its website and maintains a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
Conclusion
From a Canadian perspective, this comparison has a clear answer. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023 and is simply not an option, regardless of its advanced derivatives features or low fees.
Bitbuy is the clear choice. It is one of Canada's oldest and most regulated platforms, with a clean decade-long security record, CIRO-supervised asset custody, free Interac deposits and an OTC desk for larger trades. The Robinhood acquisition, which closed June 1, 2026, brings financial backing and a long-term product roadmap that will eventually extend beyond crypto. The main near-term consideration is migration — new fees, a new interface and new terms are coming under the Robinhood platform, so existing Bitbuy users should read those communications carefully before accepting any changes.
We recommend choosing Bitbuy over BitMEX for your cryptocurrency trading needs. By using our referral link, you support us in conducting independent analysis of crypto trading options for Canadians.
If you find that Bitbuy doesn't meet your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
