Note: Neither platform is available to Canadians. CoinSmart merged into the WonderFi group in July 2023 and its client accounts were migrated to Bitbuy in September 2023. Bitbuy is now owned by Robinhood following the June 2026 WonderFi acquisition. Binance withdrew from the Canadian market in May 2023 after refusing new CSA investor-protection requirements, and it remains unavailable in every province and territory. This comparison is preserved for historical reference only.
CoinSmart and Binance are two cryptocurrency exchanges in Canada. CoinSmart was a Canadian-based exchange aimed at beginners; Binance is a global exchange known for its advanced features and tools. Neither is available to Canadians in 2026.
CoinSmart Vs Binance: Which Is Better For Canadians?
Neither is an option for Canadians today. CoinSmart stopped operating separately after WonderFi moved all its client accounts to Bitbuy, announced in September 2023. Binance left Canada in May 2023 after announcing on May 12, 2023 that new Canadian securities rules made operating there untenable. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
How Do CoinSmart And Binance Compare, Fact By Fact?
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
CoinSmart Vs Binance: Master Spec Table
CoinSmart
Binance
Winner
Company
Simply Digital Technologies Inc. (carrying on business as CoinSmart), Toronto, launched 2018. Accounts moved to Bitbuy; WonderFi announced the transaction 2023-09-08. Founders: Not published.
Binance, founded 2017 by Changpeng Zhao. Canadian entity: Binance Canada Capital Markets Inc. (FINTRAC, ceased). Funding and staff: Not published.
Depends
Regulation
FINTRAC MSB M18755033 Ceased 2024-09-10. CSA Expired Decisions: original 2021-10-21, amended 2021-12-21. Not on the banned list.
FINTRAC MSB M21783493 (Binance Canada Capital Markets Inc.) Ceased 2023-05-30. Not on the CSA authorized or banned list as of 2026-10-02.
Tie
Assets
Modest list: BTC, ETH, LTC, ADA, DOGE, SOL, SHIB.
Hundreds of coins globally, none accessible from Canada.
Depends
Price
0.20% single-trade fee.
Historic global base spot fee 0.1% with BNB discounts. Not applicable to Canadians.
Depends
CAD In
Free over $2,000; 1% fee on smaller Interac deposits. CAD, USD and EUR (SEPA) accepted.
No longer available to Canadians
Depends
CAD Out
1% fiat withdrawal fee.
No longer available to Canadians
Depends
Crypto In And Out
No longer available to Canadians
Legacy Canadian users can withdraw crypto to a private wallet. Networks and minimums: Not published.
Depends
Custody
BitGo custody, legacy arrangement.
Cold storage with multi-signature wallets and the SAFU fund, per Binance. No Canadian entity holds assets today.
Depends
Verification (KYC)
No longer available to Canadians
No longer available to Canadians
Depends
Account Types
No longer available to Canadians
No longer available to Canadians
Depends
Provinces
No longer available to Canadians
No longer available to Canadians
Depends
Extra Products
No longer available to Canadians
No longer available to Canadians
Depends
Tax Tools
No longer available to Canadians
No longer available to Canadians
Depends
App
Apps no longer maintained; addresses redirect to Bitbuy.
Available in supported countries; for Canadians only to withdraw legacy balances.
What Are The Key Differences Between CoinSmart And Binance?
CoinSmart Vs Binance: Side By Side
CoinSmart
Binance
Description
CoinSmart was a Toronto-based crypto exchange, launched in 2018, known for same-day CAD, USD and EUR deposits and a beginner-friendly design with advanced trading built in. It joined the WonderFi group in 2023 and its client accounts were moved to sister platform Bitbuy; coinsmart.com now shows the Bitbuy site, which says it is part of Robinhood.
Founded in 2017 by Changpeng "CZ" Zhao, a McGill graduate raised in Canada, Binance was the world's largest cryptocurrency exchange by trading volume, offering hundreds of coins, deep liquidity and every product type. It withdrew from Canada in May 2023 after announcing that new Canadian securities rules made operating there untenable, and it is unavailable in every province and territory.
Coins
A modest selection including Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, Solana and Shiba Inu.
Hundreds of cryptocurrencies including BTC, ETH, XRP, DOGE and USDT, none accessible from Canada.
Fees
0.20% single-trade fees, free deposits over $2,000, a 1% fee on smaller Interac deposits, and 1% fiat withdrawal fees.
A 0.1% base spot fee, dropping with volume and BNB discounts, was historically among the cheapest anywhere. Not applicable to Canadians now.
Pros
Low trading fees
Same-day verification
Multi-currency deposits (CAD, USD, EUR via SEPA)
Crypto-to-crypto trading without intermediate pairs
Largest exchange in the world with the deepest liquidity
Huge altcoin selection and low fees
Advanced order types, margin, futures and P2P trading
Lite and Pro interfaces for beginners and veterans alike
Cons
Ceased operating independently in 2023, with all accounts migrated to Bitbuy
The 1% fiat withdrawal fee was always a sore point
Smaller coin selection than rivals
Exited Canada in May 2023 rather than accept the new CSA requirements that every registered platform accepted
Fined roughly $6 million by FINTRAC for anti-money-laundering reporting failures in Canada
Pleaded guilty in the US in 2023 with an approximately $4.3 billion settlement, with founder CZ serving prison time before a 2025 pardon
Faced Canadian class action litigation over derivatives previously sold to retail investors
Using it via VPN violates its terms, risks frozen funds, and leaves you with no recourse in Canada
Security
The wind-down was orderly and regulator-supervised, with no reported loss of customer funds. Its legacy custody arrangement with BitGo and its OSC registration made the handover possible.
2FA, cold storage with multi-signature wallets, mandatory KYC and the SAFU emergency fund. The 2019 hack (7,000 BTC stolen from the hot wallet, roughly 2% of holdings, fully reimbursed) was a reminder that even giants get breached.
Methods To Buy
There is no way to buy crypto through CoinSmart. Former users can log into Bitbuy with their old CoinSmart email, reset the password on first login and use existing Google Authenticator codes. Deposit wallet addresses changed in the migration, so never send crypto to an old CoinSmart address; if you did, contact Bitbuy support with the transaction hash.
Canadians cannot buy crypto on Binance. Legacy users with balances should withdraw to a private wallet. Binance said it hoped to return one day but no return has been announced, so treat any offer of Binance access for Canadians as a scam.
App
The platform is gone; its web addresses redirect to Bitbuy and its mobile apps are no longer maintained.
The app works in supported countries; for Canadians its only remaining function was withdrawing legacy balances.
Account Limits
No longer applicable.
Not applicable. New Canadian registrations were blocked and legacy Canadian accounts were moved to withdrawal-only status.
How Do You Fund And Cash Out CoinSmart And Binance In Canada?
CoinSmart: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free over CAD 2,000; 1% below
Not published
Not published
Not published
CoinSmart: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Fiat withdrawal
1%
Not published
Not published
Not published
All funding ended. Accounts moved to Bitbuy. Legacy Canadian accounts are withdrawal-only. No current funding methods.
What Do CoinSmart And Binance Offer Beyond Buying And Selling?
Binance Only
Derivatives, margin and P2P (historic): Binance offered futures, margin and P2P trading globally. Canadian retail access ended in May 2023.
What Happens To Your Money If CoinSmart Or Binance Fails?
CoinSmart: This was a merger, not a collapse. CoinSmart's accounts went to Bitbuy, which has since moved to Coinsquare Capital Markets Ltd. and then Robinhood. Log in through Bitbuy with your old CoinSmart email, and never send crypto to an old CoinSmart deposit address, because the addresses changed. If you prefer not to follow the move to Robinhood, withdraw to your own wallet.
Binance: Binance has no Canadian entity registered or recognized today, so Canadian regulators give you no recourse. If you still hold a balance, withdraw it to a wallet you control; legacy Canadian accounts were set to withdrawal-only. Using a VPN to keep trading breaks Binance's terms and can freeze your funds. Treat sites and Telegram groups offering Binance access to Canadians as scams.
How Are CoinSmart And Binance Treated For Tax In Canada?
CoinSmart: Trades on CoinSmart were dispositions for CRA purposes. Pull your CoinSmart history from your migrated Bitbuy account. Export formats: Not published.
Binance: Trades on Binance were dispositions for CRA purposes. Export your trade and deposit history while you can still log in for withdrawals. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, CoinSmart Or Binance?
Choose CoinSmart If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
Choose Binance If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To CoinSmart?
CoinSmart, run by Simply Digital Technologies Inc., stopped operating as a separate exchange after WonderFi moved its client accounts to Bitbuy. WonderFi announced the deal on September 8, 2023, and I could not verify the exact completion date. Its two CSA decisions, the original of October 21, 2021 and an amended one of December 21, 2021, now sit under the CSA's expired decisions.
FINTRAC lists the CoinSmart registration as ceased on September 10, 2024. Today coinsmart.com serves the Bitbuy site with a banner saying Bitbuy is now part of Robinhood. That chain matters: CoinSmart accounts went to Bitbuy, Bitbuy later moved under Coinsquare Capital Markets Ltd., and Robinhood closed its WonderFi purchase on June 1, 2026.
So CoinSmart did not collapse. It was folded into a larger group, and the group is now being folded into Robinhood. Bitbuy has a help article for migrated CoinSmart accounts if you ever need to trace one.
CoinSmart Status Record
Status
Merged, accounts moved to Bitbuy (announced September 8, 2023)
Operator
Simply Digital Technologies Inc.
CSA record
Original decision October 21, 2021 and amended decision December 21, 2021, both expired
FINTRAC
Registration ceased September 10, 2024
Where it points today
coinsmart.com shows the Bitbuy site, now part of Robinhood
For more detail, see my CoinSmart page. I do not link to CoinSmart for sign-ups, because it is not an option for Canadians.
What Happened To Binance?
Binance left Canada in May 2023. On May 12, 2023 it announced that new Canadian securities rules made operating here untenable. Binance Canada Capital Markets Inc.'s FINTRAC registration shows as ceased on May 30, 2023, and Binance is on neither the CSA authorized list nor the banned list.
Binance said it hoped to return one day. I found no sign of a return in current searches, only the 2023 coverage.
Binance Status Record
Status
Left Canada, May 2023
Exit announced
May 12, 2023
FINTRAC
Binance Canada Capital Markets Inc. registration ceased May 30, 2023
CSA lists
Neither authorized nor banned
For more detail, see my Binance page. I do not link to Binance for sign-ups, because it is not an option for Canadians.
What Should CoinSmart And Binance Users Use Instead?
Neither platform here is an option, so this match-up comes down to what to use instead. For CoinSmart, my notes point to NDAX: registered Canadian platform with CAD funding and a broad coin list. For Binance, my notes point to Kraken: registered Restricted Dealer (Payward Canada) with a broad coin list and CAD Interac funding.
3
Kraken: Best For Lower Fees As You Grow
9.2/10
Best for: Beginners who want to learn, then cheaper trading on Kraken Pro
CSA-registered
Fees Kraken Pro starts at 0.40% maker and 0.80% taker, falling to 0.30% and 0.60% from USD 2,500 of 30-day volume. Instant Buy carries a 1% fee plus a spread.
CAD Funding Free Interac e-Transfer deposits, minimum CAD 5, up to CAD 10,000 per transaction. An Interac e-Transfer withdrawal costs CAD 10.
Coins About 490 (derived from the public API, after removing coins Kraken's Canada list bars)
Safety Payward Canada Inc. is a Restricted Dealer registered with the OSC and every provincial regulator. Its CSA decision is dated April 1, 2025, and it holds a FINTRAC registration. It is not a CIRO member.
Best for: Low flat fees and cheap cash-outs to your bank
CSA-registered
Fees A flat 0.20% on every buy and sell, with no volume tiers and no maker or taker split.
CAD Funding Free Interac e-Transfer and wire deposits. Withdrawals cost CAD 1.50 by Interac e-Transfer (up to CAD 10,000 per transaction) or CAD 4.99 by EFT.
Coins 77 base assets (public API)
Safety Ndax Canada Inc. is an investment dealer with CIRO membership terms imposed on December 19, 2024, the same day as its CSA decision. It also holds a FINTRAC registration.
What Should You Do If You Still Have Something With CoinSmart Or Binance?
CoinSmart: If you held a CoinSmart account, it was migrated to Bitbuy, and Bitbuy's help centre has an article on what to do with a migrated account. Bitbuy itself is now part of Robinhood and is inviting customers to the Robinhood app, so check what you hold there and decide whether you want to stay. Whatever you decide, do not send crypto to an old CoinSmart deposit address.
Binance: Binance moved on from Canadian clients in 2023, so if you still hold coins from back then, move them to a platform you can legally use today and check Binance's own notices for any remaining withdrawal options.
A simple rule applies after any platform change: keep your own records of every purchase, because the CRA treats crypto as a commodity and you need the history for your tax return.
What Changed For CoinSmart And Binance In October 2026?
Robinhood closed its purchase of WonderFi, the parent of Bitbuy, where CoinSmart's client accounts had been moved.
FINTRAC shows CoinSmart's registration (Simply Digital Technologies Inc.) as ceased.
WonderFi announced that Bitbuy would acquire all CoinSmart client accounts.
FINTRAC shows Binance Canada Capital Markets Inc.'s registration as ceased.
Binance announced it was leaving Canada, citing new Canadian securities rules.
Frequently Asked Questions
Is CoinSmart Still An Option For Canadians?
No. CoinSmart stopped operating separately after WonderFi moved all its client accounts to Bitbuy, announced in September 2023.
Is Binance Still An Option For Canadians?
No. Binance left Canada in May 2023 after announcing on May 12, 2023 that new Canadian securities rules made operating there untenable.
What Should CoinSmart Users Use Instead?
My notes point to NDAX. Registered Canadian platform with CAD funding and a broad coin list. A flat 0.20% on every buy and sell, with no volume tiers and no maker or taker split.
What Should Binance Users Use Instead?
My notes point to Kraken. Registered Restricted Dealer (Payward Canada) with a broad coin list and CAD Interac funding. Kraken Pro starts at 0.40% maker and 0.80% taker, falling to 0.30% and 0.60% from USD 2,500 of 30-day volume. Instant Buy carries a 1% fee plus a spread.
Which Is Better For Canadians, CoinSmart Or Binance?
Neither. CoinSmart no longer operates separately, and binance left Canada in 2023. Use a registered platform such as NDAX, Kraken instead.
Do CoinSmart And Binance Have Limit Orders?
CoinSmart: Not published Binance: Yes globally, not for Canadians.
Which Coins Can You Buy On CoinSmart And Binance?
CoinSmart: Modest list, closed Binance: Hundreds globally, none for Canadians
Is The Spread The Fee On CoinSmart And Binance?
CoinSmart: No longer applicable. Binance: No longer applicable.
Does CIPF Cover My Crypto On CoinSmart Or Binance?
CoinSmart: CIPF never covers crypto, and this platform no longer serves Canadians. Binance: CIPF never covers crypto, and this platform no longer serves Canadians.
Are CoinSmart And Binance Available In Every Province?
CoinSmart: No longer available in any province. Binance: No longer available in any province.
Do Interac Deposits Work On Weekends On CoinSmart And Binance?
CoinSmart: No longer applicable. Binance: No longer applicable.
What Is The Minimum Buy On CoinSmart And Binance?
CoinSmart: No longer applicable. Binance: No longer applicable.
Can A Business Use CoinSmart Or Binance?
CoinSmart: No longer applicable. Binance: No longer applicable.
Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.
He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.
His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.
