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.
Crypto.com is a highly secure exchange by industry standards: cold storage custody, two-factor authentication, encrypted user data, mandatory withdrawal address whitelisting with email confirmation, and substantial insurance coverage on custodied assets. For balance, it did suffer a hack in January 2022, when roughly $34 million was taken from around 483 accounts, but Crypto.com fully reimbursed affected users and overhauled its security in response, and there have been no comparable incidents since. As always, we recommend moving long-term holdings to your own crypto wallet.
Crypto.com ensures commendable security measures, safeguarding all of its customers' funds in a Ledger Vault with cold storage. The funds of the company itself are the only ones kept in hot wallets. They utilize multi-factor authentication, along with 2FA and email confirmations for each withdrawal.
While ByBit also uses cold storage for its assets, it isn't explicit about the percentage of funds held this way. To enhance account security, ByBit employs two-factor authentication through Google Authenticator.
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.
Crypto.com is among the most regulated crypto platforms available to Canadians. It was the first platform to sign a Pre-registration Undertaking with the CSA and OSC in August 2022, and in May 2025 it received restricted dealer registration in every province and territory, making it only the second major global exchange after Coinbase to reach this status. It's now working toward full investment dealer registration and CIRO membership. It's also registered with FINTRAC, and globally holds a MiCA license in the EU, US money transmitter licenses, and licenses in Singapore, the UK and Dubai.
Crypto.com has recently marked its presence as the foremost global crypto exchange to enter into a pre-registration undertaking with the OSC. This signifies its compliance with the regulatory standards set by the OSC in Canada.
In contrast, ByBit faced allegations from the OSC for peddling unlicensed securities to Ontario residents. After settling a $2.5M fine, ByBit has imposed restrictions on creating new accounts for Ontario residents.
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.
Crypto.com's customer support remains its weakest area: users love the app, security and coin range, but support is chat and ticket-based and can be slow for complex issues. On the education front, the platform now offers Crypto.com University with courses and articles for beginners, so our earlier criticism about missing educational resources no longer applies.
ByBit boasts a comprehensive support center on its website, equipped with various crypto-related guides and instructions on using the exchange. Their chat support is noted for its efficiency, often providing assistance within an hour.
Crypto.com: While they offer several features, customer service has been reported as slow and lacking. However, they are typically able to handle issues within 24 hours.
Conclusion
While both exchanges provide a wide array of features and robust security measures, if we have to choose a winner, it would be ByBit. Although ByBit faced a regulatory issue with the OSC, they resolved it by paying the fine and have since taken measures to ensure compliance. ByBit's strength lies in its competitive trading fees, wide range of coins, and an efficient customer service system. However, it's important to note that this conclusion is more suited for users focused on futures and margin trading. For a broader array of services including staking, crypto Visa cards, and NFTs, Crypto.com is an excellent choice. Always remember that no exchange can guarantee absolute security, and users should follow best practices like enabling two-factor authentication and not leaving a significant amount of assets on any exchange for an extended period.
Initially, we recommended choosing ByBit over Crypto.com 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 Crypto.com.
If you find that neither ByBit nor Crypto.com 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.
