Security Compliance
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.
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.
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 a different story. 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.
Since April 2025, VirgoCX operates as a non-custodial platform, meaning it never holds your crypto. The coins you buy are delivered directly to your own wallet, so there is no pool of customer funds on the exchange for hackers to target. This replaces the old custodial model entirely. The 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.
Regulatory Compliance
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.
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.
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.
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 to use. 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.
Customer support
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.
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.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is largely academic, since the platform is off-limits entirely.
VirgoCX offers customer support via email and live chat, with multi-language support. Not many exchanges offer live chat, so that is a genuine plus for newer users who need help getting their wallet set up under the new non-custodial model.
Conclusion
The comparison here is pretty one-sided from a Canadian perspective. BitMEX has been a restricted jurisdiction for Canadians since late 2023, so it simply is not an option regardless of its advanced features or liquidity.
VirgoCX is the clear choice for Canadians who want a regulated, easy-to-use platform. Its move to a non-custodial model in April 2025 is a significant change worth understanding before you sign up: you will need your own wallet to trade, but that also means your coins are never sitting on an exchange. It supports over 90 cryptocurrencies, accepts Interac e-Transfer, and is fully compliant with Canadian regulations. For experienced traders looking for derivatives, leverage, or futures contracts, neither platform is really the right fit — check our monthly-updated list of the best exchanges for Canadians for alternatives.
We recommend VirgoCX for Canadians looking for a straightforward, regulated exchange to buy and sell crypto. If you find that VirgoCX doesn't meet your needs, explore our full list of the best crypto exchanges in Canada for more options.
