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.
NDAX keeps roughly 95% of digital assets in cold storage using Ledger Vault, a big name in crypto security, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we like since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX also keeps client CAD balances in segregated accounts, though crypto assets themselves aren't covered by deposit insurance.
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.
NDAX keeps roughly 95% of digital assets in cold storage via BitGo Trust and Tetra Trust, two institutional-grade custodians approved as part of NDAX's CIRO membership, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up. Changing account details like your email or phone number requires submitting a selfie with a handwritten note — an effective defence against account takeover. As a CIRO member, NDAX keeps client CAD balances in segregated accounts protected under CIPF in the event of insolvency. Crypto assets themselves are not covered by CIPF.
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. NDAX keeps 95% of assets in cold storage via BitGo Trust and Tetra Trust, enforces mandatory 2FA and selfie-verification for account changes, and carries CIPF coverage on CAD balances as a CIRO investment dealer. Only NDAX 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.
NDAX is one of the most compliant platforms in Canada: a registered investment dealer and CIRO member since December 2024, licensed across all provinces and territories, and registered with FINTRAC and the AMF. It has also received CIRO approval to offer staking, which very few Canadian platforms can claim.
ByBit exited the Canadian market in September 2023 due to Canadian regulations and Canada remains on its restricted jurisdictions list. ByBit paid a roughly $2.5 million OSC penalty for operating without registration in Ontario, then exited all of Canada rather than register. 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.
NDAX is one of the most compliant platforms in Canada. It became a registered investment dealer and CIRO member on December 19, 2024, approved across all provinces and territories by the Canadian Securities Administrators. It is also registered with FINTRAC and the AMF, and has received CIRO approval to offer staking services, which very few Canadian platforms can claim.
ByBit paid a roughly $2.5 million OSC penalty and exited all of Canada in September 2023 — not merely "restrictions on new accounts from Ontario residents." NDAX is registered with FINTRAC and operates as a full CIRO investment dealer with CIPF coverage on fiat — the highest regulatory tier in Canada, not just "an MSB with FINTRAC."
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.
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take 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.
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take support.
NDAX's multi-channel support — live chat, email and phone until midnight on weekdays — is the only relevant option for Canadians. ByBit's support is not accessible to Canadians.
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.
NDAX is the clear choice for Canadians. As a full CIRO investment dealer since December 2024, it holds the highest regulatory tier available to a Canadian crypto platform, with CIPF coverage on fiat balances up to $1 million. A fixed 0.2% trading fee with no spread markup, staking on 12+ coins with CIRO approval, free Interac deposits, phone support until midnight on weekdays, and a 4.7-star iOS app make it one of the strongest all-round options in Canada.
We recommend choosing NDAX 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 NDAX doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
