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.
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
ByBit has a strong security record and uses industry-standard protocols including two-factor authentication, and withdrawal whitelisting. Uphold also allows for two-factor authentication but details on its technological security measures are less clear. It's worth mentioning, however, that both exchanges recommend users to move their assets to personal wallets for the highest security.
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.
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer Canadian-friendly: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
In terms of regulatory compliance within Canada, there are crucial differences between the two platforms. Uphold, as a registered money services business in the United States, adheres to several compliance regulations including those of the Office of Foreign Assets Control (OFAC). For Canadian users, it is important to note that Uphold's status within Canadian jurisdiction is not as explicitly defined, but it operates in compliance with the international regulations that would apply.
ByBit's standing with Canadian regulatory bodies is more nuanced. The Ontario Securities Commission (OSC), one of the main financial regulators in the country, has previously raised concerns about ByBit's operations. The OSC, responsible for regulating capital markets in Ontario, has publicly stated that ByBit has been operating without the necessary approvals or exemptions, a reminder of the rigorous regulatory landscape in Canada. However, it is crucial to note that these stances may change over time, and traders should stay updated with the latest information.
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.
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start, and be patient, as reviews frequently mention slow, message-only support with replies taking days.
ByBit offers 24/7 live chat, email, and social media channels for support, earning high praise for its responsiveness. Uphold's customer support, accessible via an online ticketing system, has been described as helpful and responsive. They also provide an extensive FAQ section and educational resources.
Conclusion
While both exchanges are suitable depending on the user's needs, ByBit edges out as the winner in this comparison. Despite Uphold's diversified asset offerings, ByBit stands out due to its specialized service in crypto derivatives trading, superior mobile app ratings, robust security measures, and excellent customer support. However, Canadian users should consider the regulatory status of ByBit in Canada before proceeding.
Initially, we recommended choosing ByBit over Uphold 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 Uphold.
If you find that neither ByBit nor Uphold 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.
