Security Compliance
Crypto.com is a highly secure exchange by industry standards: cold storage custody, two-factor authentication, encrypted user data, mandatory withdrawal address whitelisting with email confirmation, and substantial insurance coverage on custodied assets. For balance, it did suffer a hack in January 2022, when roughly $34 million was taken from around 483 accounts, but Crypto.com fully reimbursed affected users and overhauled its security in response, and there have been no comparable incidents since. As always, we recommend moving long-term holdings to your own crypto wallet.
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.
Crypto.com is a highly secure exchange by industry standards: cold storage custody for the majority of assets, two-factor authentication, encrypted user data, mandatory withdrawal address whitelisting with email confirmation, and substantial third-party insurance coverage on custodied assets. For balance, it did suffer a hack in January 2022 when roughly $34 million was taken from around 483 accounts, but Crypto.com fully reimbursed all affected users and overhauled its security in response, with no comparable incidents since. As always, we recommend moving long-term holdings to your own crypto wallet.
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 — Arthur Hayes, Benjamin Delo and Samuel Reed — were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the regulatory risk was always the real concern.
Crypto.com holds SOC 2 and ISO/IEC 27001:2013 certifications and mandates multi-factor authentication including Face ID and Touch ID. BitMEX implements multi-signature deposits and withdrawals and keeps funds in offline wallets. Both platforms have commendable technical security, though Crypto.com's insurance coverage and certifications give it a broader safety framework.
Regulatory Compliance
Crypto.com is among the most regulated crypto platforms available to Canadians. It was the first platform to sign a Pre-registration Undertaking with the CSA and OSC in August 2022, and in May 2025 it received restricted dealer registration in every province and territory, making it only the second major global exchange after Coinbase to reach this status. It's now working toward full investment dealer registration and CIRO membership. It's also registered with FINTRAC, and globally holds a MiCA license in the EU, US money transmitter licenses, and licenses in Singapore, the UK and Dubai.
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.
Crypto.com is among the most regulated crypto platforms available to Canadians. It was the first platform to sign a Pre-Registration Undertaking with the CSA and OSC in August 2022, and on May 8, 2025, it received restricted dealer registration in every province and territory in Canada — only the second major global exchange after Coinbase to reach this status. It's currently working toward full investment dealer registration and CIRO membership as the next step. It's also registered with FINTRAC, and globally holds a MiCA licence in the EU, US money transmitter licences, and licences in Singapore, the UK and Dubai.
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.
Both Crypto.com and BitMEX are registered with FINTRAC as money services businesses for AML compliance purposes. However, only Crypto.com is authorized to serve Canadian retail investors under CSA securities regulation.
Customer support
Crypto.com's customer support remains its weakest area: users love the app, security and coin range, but support is chat and ticket-based and can be slow for complex issues. On the education front, the platform now offers Crypto.com University with courses and articles for beginners, so our earlier criticism about missing educational resources no longer applies.
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.
Crypto.com's customer support remains its weakest point: users love the app, security and coin range, but support is chat and ticket-based and can be slow for complex issues. On the education front, the platform now offers Crypto.com University with courses and articles for beginners, so earlier criticisms about missing educational resources no longer apply.
BitMEX offers support via a contact form on its website and maintains a detailed FAQ section. For Canadians, this is largely academic since the platform is off-limits entirely.
Conclusion
From a Canadian perspective, this comparison is straightforward. BitMEX has been a restricted jurisdiction for Canadians since late 2023 and is simply not an option, regardless of its advanced features or low derivatives fees.
Crypto.com is the clear choice for Canadians. Its restricted dealer registration across all provinces as of May 2025 puts it among the most compliant global exchanges operating in Canada. The feature set is hard to match: 400+ coins globally, Visa card cashback, staking, an all-in-one beginner-friendly app, and free Interac deposits. The main trade-offs are slower customer support and spread-based pricing on the app. For Canadians who want derivatives or leverage trading specifically, neither platform qualifies — check our monthly-updated list of the best exchanges for Canadians for alternatives.
We recommend choosing Crypto.com for your cryptocurrency trading needs. By using our referral link, you support us in conducting independent analysis of crypto trading options for Canadians.
If you find that neither Crypto.com nor BitMEX meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
