Security Compliance
Bittrex historically prioritized security, claiming to support withdrawal address whitelisting and two-factor authentication, with no publicly confirmed major exchange-level hack during its operation. This record is now moot, as the platform shut down entirely in December 2023.
Poloniex's security record is deeply concerning. In November 2023, attackers stole approximately $114 million from the platform. Withdrawal difficulties followed and were widely reported by users. Prior to the hack, in October 2023, the US Treasury's OFAC sanctioned Poloniex for providing services to users in Iran, Cuba and the Crimea region, resulting in a $7.6 million settlement. Whatever Poloniex's technical security measures, these events make it unsuitable for Canadians.
Neither Bittrex nor Poloniex is relevant to Canadians going forward. Bittrex is shut down. Poloniex carries OFAC sanctions, a recent $114 million hack, and unresolved withdrawal issues.
Regulatory Compliance
Bittrex was regulated in Bermuda and required KYC for fiat deposits and withdrawals, but was never registered with Canadian securities regulators or FINTRAC as an MSB. It filed for Chapter 11 bankruptcy in the US in May 2023 and shut down all operations by December 2023. Canadians with outstanding balances at shutdown were directed to file claims in the bankruptcy proceedings.
Poloniex moved its operations to the Seychelles in 2019 after Circle sold it to a group backed by Tron founder Justin Sun. It is not registered with FINTRAC, does not appear on the CSA's list of authorized crypto trading platforms, and in October 2023 was sanctioned by the US Treasury's OFAC for serving users in Iran, Cuba and the Crimea region in violation of US sanctions law. It is not a compliant option for Canadians.
Neither Bittrex nor Poloniex was registered with FINTRAC or Canadian securities regulators. Bittrex is permanently shut down. Poloniex carries active OFAC sanctions history and is not on Canada's authorized platform list.
Customer support
There is no Bittrex support team. The platform is shut down. If you had funds on Bittrex at the time of closure, the only recourse is through the US bankruptcy proceedings.
Poloniex offers a knowledge centre and ticket-based support, but reviews have been overwhelmingly negative since the November 2023 hack, with users reporting frozen withdrawals and unanswered tickets. If you have funds stranded on Poloniex, withdraw them to a private wallet immediately — do not leave balances on a sanctioned platform.
Neither platform has relevant ongoing support for Canadians. Bittrex support does not exist. Poloniex's support has been widely criticized following the 2023 hack.
Conclusion
From a Canadian perspective, there is nothing to choose between Bittrex and Poloniex — both are unavailable, and for different reasons.
Bittrex filed for US bankruptcy in May 2023 and shut down all operations in December 2023. There is no way to open an account, trade, or access funds. If a site using the Bittrex name accepts deposits, it is an impostor.
Poloniex was sanctioned by OFAC in October 2023 and suffered a $114 million hack in November 2023. It is not registered with Canadian regulators, does not support CAD, and carries serious legal and security risks. If you have funds on Poloniex, withdraw them to your own crypto wallet immediately.
For Canadians who were drawn to either platform for altcoin access, we recommend Kraken (200+ coins, nationally registered restricted dealer since April 2025), Crypto.com (400+ coins, restricted dealer since May 2025), or NDAX (60+ coins, CIRO investment dealer with a flat 0.2% fee). See our full list of the best crypto exchanges in Canada for more options.
