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.
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.
ByBit uses cold storage for assets but it's not clear what percentage of funds are held in cold storage.
Bitvo holds 95% to 100% of assets in cold storage and keeps customers' fiat funds in segregated bank accounts. Both platforms offer two-factor authentication for account security.
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.
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.
ByBit had some compliance issues with the Ontario Securities Commission, leading to a fine and restrictions for new account sign-ups from Ontario residents
Contrarily, Bitvo maintains its status as a registered Money Service Business in Canada, adhering strictly to the FINTRAC regulations.
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.
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.
Both exchanges provide customer support, with ByBit offering a support center with guides and a ticket system.
Bitvo stands out by offering round-the-clock support through live chat, email, and uniquely, phone support, positioning it among the rare exchanges that provide such a comprehensive service.
Conclusion
Both Bitvo and ByBit are robust crypto exchanges each with their own strengths. Bitvo shines with its Canadian compliance, strong customer support, and unique features like the Bitvo Cash Card. However, if we must choose a winner, ByBit gets the edge due to its larger selection of tradable cryptocurrencies, higher app ratings, and global presence, despite its compliance issues in Ontario. It's important to remember that both platforms have their own strengths and the choice would largely depend on individual trading needs and preferences.
Initially, we recommended choosing ByBit over Bitvo 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 Bitvo.
If you find that neither ByBit nor Bitvo 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.
