Security Compliance
ByBit's security record now carries a major asterisk. In February 2025, attackers linked to North Korea's Lazarus Group exploited ByBit's multi-signature wallet transfer process and stole roughly $1.5 billion in Ethereum, the largest crypto theft ever recorded. To ByBit's credit, no customers lost funds: the exchange covered all losses from its own liquidity and replenished reserves within about 72 hours, a crisis response widely considered the best the industry has seen. Still, the breach shows that even cold storage and multisig setups can be defeated. Users can secure their accounts with two-factor authentication via Google Authenticator. ByBit also previously ran into trouble in Canada specifically, paying a roughly $2.5 million penalty to the Ontario Securities Commission in 2022 for operating without registration.
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.
Bitbuy is quite transparent about its security measures, stating that it holds 97% of digital assets in cold storage, which is higher than many other exchanges. It also has a 1:1 Bitcoin insurance policy, conducts regular financial audits, and is regulated by FINTRAC as a Money Service Business (MSB).
ByBit uses cold storage for assets, but it's not clear what percentage of funds are held in cold storage. They offer two-factor authentication for additional account security. However, detailed information about their security infrastructure is lacking.
Regulatory Compliance
ByBit exited the Canadian market in 2023 due to Canadian regulations and Canada remains on its restricted jurisdictions list. Notably, ByBit has since obtained licenses elsewhere, including a MiCA license serving the EEA through ByBit EU and a UK relaunch in late 2025, but it has shown no intention of registering with Canadian regulators.
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.
ByBit faced issues with the Ontario Securities Commission and, as a result, stopped operating in Ontario after paying a $2.5M fine. The exchange is not currently fully compliant in Ontario.
Bitbuy is fully compliant with Canadian federal laws and is regulated as an MSB by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This means Bitbuy is obliged to report certain types of transactions to prevent illegal activities like money laundering.
Customer support
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange, plus ticket-based and chat support. 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, 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.
Bitbuy offers extensive support, with a comprehensive support page and an online form for queries. They also provide support via email. Customer reviews suggest that the response time is fairly quick. ByBit also provides a robust support system with numerous guides and the ability to create a ticket for queries. However, it has a lower rating on Trustpilot, with some users claiming issues with withdrawals.
Conclusion
Although both Bitbuy and ByBit have their unique strengths and offerings, ByBit takes the lead in this comparison for several reasons. First, ByBit offers a larger variety of cryptocurrencies, which is a significant advantage for traders interested in altcoins. It also provides more sophisticated tools for experienced traders, including futures and margin trading. While ByBit's compliance issues in Ontario are a concern, its global reach and immense user base show its overall reliability and acceptance. Its mobile app also has higher ratings compared to Bitbuy, indicating a more satisfying user experience on portable devices. Moreover, ByBit's lack of mandatory verification for trading can be seen as a benefit for those who value privacy. Yet, it also offers the option for users to increase their withdrawal limits through verification, thereby catering to the needs of different traders. Lastly, the low trading fees on ByBit make it a more cost-effective choice for active traders. While it may not be the ideal platform for Canadians wishing to buy crypto with fiat currencies directly, its P2P marketplace provides a workaround for this limitation. In essence, for traders prioritizing a wide range of cryptocurrencies, advanced trading tools, and lower fees, ByBit stands out as the more attractive choice.
Initially, we recommended choosing ByBit over Bitbuy for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Bitbuy.
f you find that neither ByBit nor Bitbuy 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.
