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.
Gate has invested heavily in security in recent years, publishing monthly Proof of Reserves with coverage around 125% and holding licenses in Malta (MiCA), Dubai, Japan and elsewhere. That said, its track record includes past security incidents, and none of its licensing footprint extends to Canada. Since KYC is mandatory and tied to your ID country, Canadians who slip through via VPN risk having accounts frozen with funds inside.
ByBit uses cold storage for asset protection and supports two-factor authentication (2FA) for account security. However, details on what proportion of funds are held in cold storage are unclear.
Gate.io is reported to invest significantly in security and law funds. They use hot and cold storage to safeguard customer assets and also support 2FA. However, the exchange has been known to block accounts randomly.
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.
Gate is not a compliant crypto exchange in Canada. Canada sits on its restricted locations list, Canadian accounts were closed in April 2022, and while Gate has since obtained licenses in the EU, Dubai, Japan and even launched a US entity in 2025, it has shown no sign of registering with Canadian regulators.
ByBit had issues with the Ontario Securities Commission (OSC) and ended up paying a $2.5M fine. As a result, they've stopped accepting new accounts from Ontario.
Gate.io lists Canada as one of the disallowed countries. Therefore, they can block your account at any time, making it risky for Canadian users.
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.
Gate offers a help centre, blog and live chat for users in supported countries. Reviews remain mixed, with recurring complaints on Trustpilot about slow support and withdrawal difficulties. For Canadians this is academic, since the platform is off-limits entirely.
ByBit has an efficient customer support system, reportedly helping customers within an hour on average. They also offer guides on crypto trading and usage of their exchange. Gate.io has a help centre and blog for users to understand their platform better. They also provide live chat support. However, they've received negative reviews on Trustpilot regarding slow response times and withdrawal issues.
Conclusion
ByBit and Gate.io both provide extensive trading capabilities and a wide array of cryptocurrency offerings. ByBit has a better mobile app experience, whereas Gate.io offers a wider array of altcoins. However, due to regulatory issues in Canada, both platforms come with their risks. While both are valid choices depending on your trading needs and risk tolerance, ByBit comes out slightly ahead due to its better customer support and mobile app ratings. Please note, it's important to move your assets to a personal crypto wallet for better security on both platforms.
Initially, we recommended choosing ByBit over Gate.io 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 Gate.io.
f you find that neither ByBit nor Gate.io 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.
