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.
Netcoins keeps the majority of client crypto in cold storage with custodian BitGo, whose private keys live in air-gapped offline systems, while hot wallet operations run through Fireblocks. Two-factor authentication is mandatory for withdrawals, and multi-signature wallets add another layer. Its parent company's blockchain surveillance technology monitors wallet addresses and transactions for fraud and links to criminal enterprises. Netcoins has operated since 2014 without a hack.
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.
Netcoins keeps the majority of client crypto in cold storage with custodian BitGo, whose private keys live in air-gapped offline systems, while hot wallet operations run through Fireblocks. Two-factor authentication is mandatory for withdrawals, and multi-signature wallets add another layer. Its parent company's blockchain surveillance technology monitors wallet addresses and transactions for fraud and links to criminal enterprises. Netcoins has operated since 2014 without a hack.
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. Netcoins holds client crypto with BitGo in cold storage and Fireblocks for hot wallet operations, mandatory 2FA, and parent-company blockchain surveillance for compliance. Only Netcoins 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.
Netcoins is one of the most regulated exchanges in Canada. Beyond its FINTRAC MSB registration, it has been registered as a Restricted Dealer with the Canadian securities regulators in every province since 2021, among the very first platforms to achieve this, and is working toward full investment dealer registration and CIRO membership. Its parent, BIGG Digital Assets, is publicly traded and must publish audited financial statements, adding a transparency layer most private exchanges can't match.
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.
Netcoins is one of the most regulated exchanges in Canada. Beyond its FINTRAC MSB registration, it has been registered as a Restricted Dealer with the Canadian securities regulators in every province since 2021, among the very first platforms to achieve this, and is working toward full investment dealer registration and CIRO membership. Its parent, BIGG Digital Assets, is publicly traded and must publish audited financial statements, adding a transparency layer most private exchanges can't match.
ByBit paid a roughly $2.5 million OSC penalty and exited all of Canada in September 2023 — not merely "restricted to Ontario." Netcoins is registered with FINTRAC and operates as a CSA Restricted Dealer in every Canadian province, working toward full CIRO investment dealer registration.
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.
Netcoins offers email, live chat and phone support seven days a week, and phone support remains rare among crypto exchanges. Its reputation for customer service is strong, with reviewers consistently praising the fast, human support and quick verification, though some negative reviews cite blocked withdrawals during compliance checks. Check the live Trustpilot page for the current rating before quoting a number.
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.
Netcoins offers email, live chat and phone support seven days a week, and phone support remains rare among crypto exchanges. Its reputation for customer service is strong, with reviewers consistently praising the fast, human support and quick verification, though some negative reviews cite blocked withdrawals during compliance checks. Check the live Trustpilot page for the current rating before quoting a number.
Netcoins' seven-day phone, chat and email support 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.
Netcoins is the clear choice for Canadians. As a CSA Restricted Dealer in every province with FINTRAC registration and a publicly traded parent company, it combines strong regulatory standing with a beginner-friendly platform that has held up since 2014 without a hack. The flat 0.5% fee, 60+ coins, free Interac deposits, Visa card with 3% bitcoin cashback, and seven-day phone support make it one of the most well-rounded options for everyday Canadian crypto buyers. The main caveats are the spread on top of the 0.5% fee and the absence of advanced trading tools — for lower fees on volume, NDAX at 0.2% flat is worth comparing.
We recommend choosing Netcoins over ByBit for your cryptocurrency trading needs. By using our referral link, you get $25 and support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Netcoins doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
