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.
Newton holds 80% of client assets offline in custodial cold storage with Coinbase and the remaining 20% in hot wallets secured by Fireblocks, with crypto assets covered by an insurance policy. Customer data is stored on Canadian servers with daily offsite backups, and the platform is tested internally every month and externally every year for vulnerabilities. Mandatory two-factor authentication and direct bank integration round out fraud protection.
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. Users can secure their accounts with two-factor authentication. Since ByBit is not accessible from Canada, its security record is largely academic for Canadian readers.
Newton holds 80% of client assets offline in custodial cold storage with Coinbase and the remaining 20% in hot wallets secured by Fireblocks, with crypto assets covered by an insurance policy. Customer data is stored on Canadian servers with daily offsite backups, and the platform is tested internally every month and externally every year for vulnerabilities. Mandatory two-factor authentication and direct bank integration round out fraud protection.
Newton complies with FINTRAC regulations, performs daily site backups, uses offline third-party storage for digital assets, and requires mandatory two-factor authentication. Since ByBit is not available to Canadians, only Newton's security is relevant 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.
Newton is regulated by the Canadian Securities Administrators, FINTRAC, and securities regulators in every province and territory, a major step up from its early days as a FINTRAC-only MSB. It was among the first Canadian exchanges to pursue securities registration, and its affiliation with DV Trading adds institutional market-making depth behind its pricing.
ByBit exited the Canadian market in September 2023 due to Canadian regulations and Canada remains on its restricted jurisdictions list. Notably, ByBit paid a roughly $2.5 million penalty to the Ontario Securities Commission in 2022 for operating without registration — making it one of the few exchanges in this series to have actually been sanctioned by Canadian regulators rather than simply not registered. Since then, ByBit has obtained licences elsewhere, including a MiCA licence serving the EEA through ByBit EU and a UK relaunch in late 2025, but it has shown no intention of registering with Canadian regulators.
Newton is regulated by the Canadian Securities Administrators, FINTRAC, and securities regulators in every province and territory, a major step up from its early days as a FINTRAC-only MSB. It was among the first Canadian exchanges to pursue securities registration, and its affiliation with DV Trading adds institutional market-making depth behind its pricing.
ByBit is not compliant with Canadian regulations and is not registered with Canadian securities regulators. Newton is fully registered and authorized to serve Canadians in every province and territory.
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.
Newton has FAQs and a knowledge centre on its website, with support handled through online tickets. There's no phone or live chat, and its middling Trustpilot score mostly reflects slow support and ID-verification frustrations rather than fund-safety issues. For simple buy-and-hold users the support model is adequate; anyone who values a human on demand should look at NDAX or Netcoins instead.
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.
Newton has FAQs and a knowledge centre on its website, with support handled through online tickets. There's no phone or live chat, and its middling Trustpilot score mostly reflects slow support and ID-verification frustrations rather than fund-safety issues. For simple buy-and-hold users the support model is adequate; anyone who values a human on demand should look at NDAX or Netcoins instead.
Conclusion
From a Canadian perspective, this comparison has a clear answer. ByBit exited Canada in September 2023, has Canada on its restricted jurisdictions list, and previously paid a $2.5 million OSC penalty for operating without registration. It is not available to Canadians, and there is no realistic path to return in the near term.
Newton is the clear choice for Canadians. It is registered with the CSA and securities regulators in every province, offers a genuinely beginner-friendly interface with no commissions and free Interac funding, and holds 80% of assets in Coinbase cold storage. The widening spreads and ticket-only support are genuine weaknesses — active traders will find better value at NDAX (0.2% flat fee) or Wealthsimple Crypto, and anyone who needs real-time customer support will prefer NDAX or Netcoins. But as a starting point for Canadians new to crypto, Newton's clean interface and regulatory standing make it a solid option.
We recommend choosing Newton 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 neither ByBit nor Newton meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
