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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
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. This is academic for Canadians, since ByBit is unavailable entirely, but worth noting for historical context.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
ByBit suffered the largest crypto hack in history in February 2025 (~$1.5B ETH) but fully reimbursed all affected users — not relevant for Canadians since ByBit is unavailable. Kraken maintains a clean 13-year security record with cold storage, 2FA, Proof of Reserves and physical server security. Only Kraken is relevant for Canadian users here.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
ByBit exited the Canadian market in September 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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally across all provinces and territories, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
ByBit exited Canada in September 2023 and Canada remains on its restricted jurisdictions list. Kraken is a registered restricted dealer in every Canadian province and territory since April 2025 — including Ontario, where ByBit was previously available.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
Kraken's 24/7 live chat and email support is the only relevant option for Canadians. ByBit's support is not accessible to Canadians. Neither platform offers phone support for crypto in Canada.
Conclusion
ByBit is not available to Canadians. It exited the Canadian market on September 30, 2023, paid a roughly $2.5 million OSC penalty, and Canada remains on its restricted jurisdictions list. If you have legacy funds on ByBit, withdraw them to your own wallet before attempting to transfer anywhere else.
Kraken is the clear choice for Canadians. As a registered restricted dealer in every Canadian province and territory since April 2025 — including Ontario — it offers 200+ coins with free Interac e-Transfer deposits, CAD trading pairs, competitive Kraken Pro maker/taker fees, staking, and a 13-year clean security record. The main caveats are high Instant Buy fees (always use Kraken Pro) and no CIPF coverage on crypto assets.
We recommend choosing Kraken over ByBit for your cryptocurrency trading needs. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Kraken doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
