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.
CoinField marketed itself as a highly secure exchange using cold storage, multi-signature wallets and encryption. The regulatory record tells a different story: the OSC found the platform did not have sufficient crypto assets in custody to satisfy investor withdrawal requests and misled both investors and the regulator about why withdrawals were delayed. Whatever its technical security, customer funds were not safe. This is a textbook example of why we recommend holding your own coins in your own crypto wallet rather than leaving them on any exchange.
ByBit employs stringent security measures such as two-factor authentication, cold storage for assets, and robust encryption protocols. It prioritizes the safety of user funds and information.
CoinField has earned a reputation as one of the most secure cryptocurrency exchanges in Canada. It utilizes cold storage, secret vaults, multisignature wallets, encryption, and isolated servers. Users have the option to activate two-factor authentication, adding an extra layer of security to their accounts.. CoinField has never been hacked, demonstrating its commitment to 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.
CoinField's FINTRAC registration was ceased, and the company was never registered with Canadian securities regulators. In August 2024, Ontario's Capital Markets Tribunal found it violated securities law through unregistered trading, illegal distribution and misleading investors, and in 2025 it was permanently banned from Ontario's capital markets with over $3 million in combined penalties, disgorgement and costs. CoinField did not participate in the proceedings.
ByBit ensures compliance with Canadian regulations and laws. While specific details about federal organizations monitoring compliance are not provided, ByBit operates in accordance with the regulatory framework in Canada. ByBit don't work in Ontario.
CoinField is fully compliant with regulations in Canada. As an EU-based exchange, it follows strict compliance standards. CoinField is licensed as a Money Service Business (MSB) by FINTRAC and maintains a focus on security, privacy, and legal compliance.
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 customer support because there is no company left to contact. Former customers with unfulfilled withdrawals were harmed when the platform collapsed, and the tribunal noted the total harm to investors remains uncertain. If you were affected, you can report your experience to the OSC. If anyone contacts you claiming to recover your lost CoinField funds for a fee, that is a recovery scam, a common second-wave fraud targeting victims of collapsed exchanges.
ByBit provides customer support via live chat, email, and a comprehensive help center featuring frequently asked questions. However, the specific details regarding the responsiveness and customer satisfaction are not explicitly mentioned in the available information.
CoinField allows users to submit support tickets online or via email. While phone support is not offered, customer support is available on weekdays and weekends. However, CoinField has received mixed reviews regarding the speed of customer support responses.
Conclusion
As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between ByBit and Coinfield, go ahead with ByBit.
Both ByBit and CoinField are reputable crypto exchanges with their own strengths. ByBit excels in terms of advanced trading features, stringent security measures, and a user-friendly interface. CoinField distinguishes itself with its strong adherence to compliance standards, extensive selection of fiat currencies, and diverse deposit methods. While both exchanges have their merits, ByBit emerges as the winner due to its comprehensive offerings and robust security measures.
Initially, we recommended choosing ByBit over CoinField 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 CoinField.
If you find that neither ByBit nor CoinField 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.
