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.
KuCoin offers two-factor authentication and has tightened compliance considerably since its early years. Its history still matters though: $275 million was stolen by North Korean hackers in 2020, with about $200 million recovered, and in 2025 its operator pleaded guilty in the US to anti-money-laundering failures. If you somehow still have funds on the exchange, move them to a private crypto wallet.
Coinsmart is a fully compliant and regulated Canadian exchange, which adheres to strict guidelines and laws such as AML and KYC regulations. On the other hand, Kucoin experienced a security breach in 2020, resulting in the theft of $275 million in cryptocurrency. However, they managed to recover $200 million of the stolen funds. While Kucoin has implemented security measures such as two-factor authentication and trading passwords, Coinsmart's compliance with Canadian regulations makes it a safer option.
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.
KuCoin is banned in Canada. After ignoring OSC proceedings entirely, KuCoin received a permanent ban from Ontario's capital markets in June 2022 along with the maximum penalties the tribunal could impose, about $2 million plus costs, and the CSA lists it as a banned platform nationwide. Mandatory KYC since July 2023 means there is no longer any workaround, and using a VPN violates KuCoin's own terms with the risk of frozen funds and zero consumer protection or legal recourse in Canada. This is a hard no for Canadians, not a grey area.
Coinsmart is fully compliant with Canadian regulations and is registered with FINTRAC as a MSB. Kucoin, however, is not technically allowed in Ontario and was fined $2,000,000 by the Ontario Securities Commission (OSC) for non-compliance with their regulations. This makes Coinsmart a more reliable choice for Canadian users in terms of regulatory compliance.
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.
KuCoin offers FAQs, an online ticketing system and 24/7 live chat for users in supported countries. For Canadians the only relevant support scenario is recovering legacy funds, and be prepared for friction, since closed-jurisdiction withdrawals often involve extra verification steps.
Coinsmart provides attentive customer support through email, chat, and an extensive FAQ section available on their website.
Kucoin, on the other hand, has received mixed reviews for their customer support, with some users complaining about slow response times or unhelpful responses. Coinsmart's dedication to customer service gives it an edge over Kucoin in this area.
Conclusion
While both Coinsmart and Kucoin offer valuable services to Canadian users, Coinsmart emerges as the winner due to its better mobile apps, stronger security measures, regulatory compliance, and superior customer support. For those new to cryptocurrency or looking for a more reliable, user-friendly, and compliant platform, Coinsmart is the ideal choice.
We recommend choosing Coinsmart over Kucoin for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart nor Kucoin 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.
