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.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
While ByBit does employ cold storage for assets, they remain rather opaque regarding the exact percentage stored in this manner. However, for added personal security, users can activate two-factor authentication using Google Authenticator.
With a focus on premier digital security, Bitcoin Well integrates multi-factor authentication, cold storage solutions, and continuous surveillance measures. This holistic approach ensures a high level of protection for user assets and data.
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.
Bitcoin Well is registered with FINTRAC (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange, it also publishes audited financials, a level of transparency almost no other Canadian bitcoin platform offers.
Recently, ByBit faced compliance issues, particularly in Ontario where the Ontario Securities Commission (OSC) fined them $2.5M for selling unlicensed securities. As a result, they ceased operations in the region.
Prioritizing its Canadian clientele, Bitcoin Well operates fully within the boundaries of Canadian regulatory guidelines. Their transparency and dedication to local standards make them a reliable choice for Canadians.
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.
Bitcoin Well runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a big plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.
With a blend of online guides and responsive chat support, ByBit ensures that users' queries are addressed promptly. Their chat support, in particular, stands out for swift resolutions, as evidenced by a TONCOIN withdrawal issue which was settled within an hour.
Emphasizing its commitment to users, Bitcoin Well offers stellar customer support, always ready to assist with any concerns or inquiries. Their proficiency and promptness enhance user experience manifold.
Conclusion
In the duel between ByBit and Bitcoin Well, both exchanges shine in their respective domains. ByBit, with its expansive global reach and robust trading platforms, certainly offers a diverse trading experience. However, for Canadians, Bitcoin Well's emphasis on compliance, security, and tailored support makes it an appealing choice. But when considering the broader picture, with a diverse range of coins and advanced trading tools, ByBit narrowly edges out as the winner.
Initially, we recommended choosing ByBit over Bitcoin Well 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 Bitcoin Well.
If you find that neither ByBit nor Bitcoin Well 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.
