Security Compliance
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
Bitvo had a clean security and compliance record during its operational life, with BitGo cold storage custody and an orderly wind-down with no customer fund losses. Coinbase keeps 98% of assets in cold storage with SOC 2 Type II certification and public-company audit credentials. Only Coinbase is relevant for Canadian users going forward.
Regulatory Compliance
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
Coinbase went from unregistered convenience to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (June 2026, C$250M acquisition). Former Bitvo customers with account questions should contact Bitbuy/Robinhood support.
Coinbase went from unregistered to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
Bitvo was registered with FINTRAC and the CSA, enabling an orderly wind-down with no customer funds lost. Coinbase is registered with FINTRAC and operates as a CSA Restricted Dealer in every Canadian province and territory.
Customer support
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy/Robinhood, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
Coinbase's 24/7 live chat is the only relevant support option for Canadians. Bitvo support now routes through Bitbuy/Robinhood. Neither platform offers phone support for crypto in Canada.
Conclusion
Bitvo no longer exists. Its client accounts were migrated to Bitbuy in November 2023, and Bitbuy itself was acquired by Robinhood in June 2026. If you were a Bitvo customer, your account is now part of the Robinhood/WonderFi group — contact Bitbuy support for any outstanding questions.
Coinbase is the clear choice for Canadians. As the first international exchange to achieve restricted dealer registration in Canada in April 2024, it offers 200+ coins, free Interac deposits, a polished beginner interface, Advanced Trade for lower fees on volume, USDC rewards around 3.5%, staking, and the transparency of a publicly traded S&P 500 company with audited financials. The main caveats are high simple-interface fees (always use Advanced Trade), inconsistent support, and the Interac name-matching pitfall that trips up some new users.
We recommend choosing Coinbase over Bitvo for your cryptocurrency trading needs. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Coinbase doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
