Security Compliance
CoinSmart's wind-down was orderly and regulator-supervised, with no reported loss of customer funds, the same clean pattern as Coinberry and Bitvo, and the opposite of CoinField. Its legacy custody arrangement with BitGo and its OSC registration are what made the seamless handover possible.
Binance's technical security is genuinely strong: 2FA, cold storage, the SAFU insurance fund, and a fully reimbursed 2019 hack are a decent record for the world's biggest exchange. Its compliance record is the problem. Binance pleaded guilty to US anti-money-laundering and sanctions violations in 2023, paying one of the largest corporate penalties in history, and FINTRAC penalized it for AML failures in Canada. Whatever your coins' safety from hackers, an unregistered platform offers Canadians no legal protection, which is exactly why regulators pushed it out.
Both Coinsmart and Binance are well-established and reputable cryptocurrency exchanges that have taken measures to ensure the safety and security of their users' funds and personal information.
Coinsmart is a regulated Canadian cryptocurrency exchange that is required to comply with strict security and regulatory standards set by the Canadian government. The exchange uses a combination of hot and cold wallets to store users' funds and implements two-factor authentication (2FA) and SSL encryption to protect users' personal information and transactions.
Similarly, Binance has implemented various security measures, such as two-factor authentication, withdrawal address whitelist, anti-phishing codes, and email confirmations, to ensure the safety of users' funds and personal information. Binance also uses a Secure Asset Fund for Users (SAFU) to protect users' funds in case of a security breach.
Overall, both Coinsmart and Binance can be considered safe and secure platforms for trading cryptocurrencies in Canada, but it is important for users to take their own precautions, such as setting strong passwords, enabling 2FA, and not sharing their private keys or passwords with anyone.
Regulatory Compliance
CoinSmart was registered with FINTRAC and was one of the first crypto platforms granted registration by the Ontario Securities Commission, a status that shaped its ending: rather than stranding users, its accounts were transferred to another registered platform under regulatory oversight. The full successor chain: CoinSmart into WonderFi (July 2023), client accounts to Bitbuy (September 2023), WonderFi to Robinhood (June 2026). Former CoinSmart users needing historical transaction records for taxes should log into Bitbuy and request their history from support.
Binance is not legal to operate in Canada. It pulled out of Ontario in 2021-2022 under OSC pressure, then withdrew from all of Canada in May 2023 rather than sign the CSA's pre-registration undertaking with its stablecoin restrictions, investor limits and third-party custody requirements. Ten other platforms signed and stayed; Binance chose to leave. It has said it hopes to return "when Canadian users once again have the freedom to access a broader suite of digital assets," but as of 2026 there is no registered Binance entity in Canada and no announced return.
Coinsmart is a registered Money Services Business (MSB) with FINTRAC and is therefore required to comply with the PCMLTFA regulations, which include KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, as well as reporting suspicious transactions to FINTRAC.
Similarly, Binance has also registered as an MSB with FINTRAC and is required to comply with the PCMLTFA regulations.
In 2021, the Ontario Securities Commission (OSC) accused several cryptocurrency exchanges, including Binance, of not complying with securities regulations in the province. As a result, Binance decided to cease operations in Ontario.
In comparison, Coinsmart has not faced any similar accusations or regulatory issues in Ontario or any other province in Canada. Coinsmart is required to comply with federal regulatory requirements in Canada, including KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.
Customer support
There is no CoinSmart support team anymore; former users should contact Bitbuy support ([email protected]) referencing their old CoinSmart account. Two practical warnings: anyone offering to "recover" CoinSmart funds for a fee is running a recovery scam, and any active website using the CoinSmart name to solicit deposits is an impostor.
Binance offers 24/7 chat support for users in supported countries. Canadians with legacy withdrawal issues can still contact support, but expect friction, and be alert to impersonation scams targeting former Canadian users, since fake "Binance Canada support" accounts are a known fraud vector.
In terms of customer support, both Coinsmart and Binance have options for customers to contact their support teams. Coinsmart offers email and phone support, as well as a live chat feature on their website. They also have a comprehensive FAQ knowledge center available on their website.
Binance, on the other hand, offers customer support through email and a live chat feature on their website. They also have a help center with frequently asked questions and a support ticket system.
In terms of customer satisfaction, both Coinsmart and Binance have generally positive reviews on Trustpilot, with Coinsmart having a slightly higher rating. Coinsmart has a 3.7-star rating on Trustpilot based on over 300 reviews, while Binance has a 2.1-star rating based on over 4000 reviews.
Some customers of Coinsmart praised the platform's user-friendly interface, fast and easy verification process, and excellent customer support. However, some customers also mentioned occasional delays in processing transactions or withdrawals.
Customers of Binance have praised the platform's wide range of available cryptocurrencies, competitive fees, and responsive customer support. However, some customers have complained about occasional delays in withdrawals and difficulties with account verification.
Both Coinsmart and Binance have customer support available 24/7, and response times are generally quick. However, it is worth noting that due to the high volume of customer inquiries, response times may vary.
Conclusion
Based on the comparison between Coinsmart and Binance, it is clear that both cryptocurrency exchanges are strong contenders in the Canadian market. They both offer a wide range of cryptocurrencies, competitive fees, and robust security measures. Additionally, both exchanges provide 24/7 customer support through various channels, including email, phone, and live chat.
However, when looking at the overall picture, Coinsmart emerges as the winner in this comparison. Coinsmart's commitment to regulatory compliance and its registration with FINTRAC demonstrate its adherence to Canadian financial regulations. Additionally, Coinsmart's mobile and desktop trading platforms offer a user-friendly experience, and their customer support team has received consistently positive reviews from customers.
While Binance is also an excellent option for trading cryptocurrencies, its recent regulatory issues in Ontario raise some concerns about its adherence to Canadian financial regulations.
Overall, if you're looking for a reliable and trustworthy cryptocurrency exchange in Canada, Coinsmart is the winner in this comparison.
