Security Compliance
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
Coinbase keeps 98% of assets in cold storage with SOC 2 Type II certification and public-company audit credentials — among the strongest security disclosures of any exchange. BitMEX has a strong technical security record with cold storage and manual withdrawal audits, but its legal history includes a $100M US fine for AML failures. Since BitMEX is not available to Canadians, only Coinbase's security is relevant here.
Regulatory Compliance
Coinbase went from unregistered convenience to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Coinbase went from unregistered to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Coinbase is registered with FINTRAC and operates as a CSA Restricted Dealer in every Canadian province and territory. BitMEX lists all of Canada as a restricted jurisdiction and is not registered with Canadian securities regulators.
Customer support
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
Coinbase's 24/7 live chat is the only relevant support option for Canadians. BitMEX's support matters only if you have a legacy account to close. Neither platform offers phone support in Canada.
Conclusion
From a Canadian perspective, this comparison has a clear answer. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023 — not just Ontario and Quebec as it did previously — and there is no indication it plans to register with Canadian regulators.
Coinbase is the clear choice. Its restricted dealer registration across all Canadian provinces and territories since April 2024 makes it one of the most compliant international exchanges operating in Canada. Free Interac deposits, 200+ coins, a polished beginner interface, Advanced Trade for lower fees on volume, staking and the transparency of a publicly traded S&P 500 company with audited financials make it a compelling platform. The main caveats are high simple-interface fees (always use Advanced Trade), inconsistent support, and the Interac name-matching pitfall that trips up some new users.
We recommend choosing Coinbase over BitMEX 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 Coinbase doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
