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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
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. Kraken maintains a clean 13-year security record with cold storage, 2FA, Proof of Reserves and physical server security. Only Kraken 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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally across all provinces and territories, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
Bitvo was registered with FINTRAC and the CSA, enabling an orderly wind-down with no customer funds lost; its successor chain ends with Bitbuy/Robinhood. Kraken is a registered restricted dealer in every Canadian province and territory since April 2025, working toward full CIRO investment dealer registration.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
Kraken's 24/7 live chat is the only relevant support option for Canadians. Bitvo support now routes through Bitbuy/Robinhood.
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.
Kraken is the clear choice for Canadians. As a registered restricted dealer in every Canadian province and territory since April 2025, it offers 200+ coins with free Interac e-Transfer deposits, CAD trading pairs, competitive Kraken Pro maker/taker fees, staking, and a 13-year clean security record. The main caveats are high Instant Buy fees (always use Kraken Pro) and no CIPF coverage on crypto assets. Kraken's coin range and low Pro fees make it one of the strongest multi-coin platforms in Canada.
We recommend choosing Kraken 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 Kraken doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
