Security Compliance
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member, Shakepay's CAD balances carry Canadian Investor Protection Fund coverage up to $1 million, though crypto assets fall outside CIPF. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
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.
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member, Shakepay's CAD balances carry Canadian Investor Protection Fund coverage up to $1 million, though crypto assets fall outside CIPF. Full details of Shakepay's security and custody arrangements are published at shakepay.com/security and are subject to ongoing CIRO oversight. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
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 risk was always regulatory.
Both Shakepay and BitMEX have strong technical security records with no platform hacks. Shakepay's CIRO membership adds mandatory quarterly audits and CIPF coverage on CAD balances — institutional-grade protections that BitMEX, inaccessible to Canadians and carrying a concluded $100M US regulatory penalty, cannot match from a Canadian perspective.
Regulatory Compliance
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces. Montreal-based, it operates in every Canadian province and territory.
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.
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces. Montreal-based, it operates in every Canadian province and territory.
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.
Shakepay is registered with FINTRAC and operates as a full CIRO investment dealer with CIPF coverage on fiat — the highest regulatory tier available to a Canadian crypto platform. BitMEX lists all of Canada as a restricted jurisdiction and has no Canadian regulatory registration.
Customer support
Shakepay offers chat support, helpful FAQs and email support at [email protected], with tickets typically answered within hours, even on weekends. When we tested it, we received a reply in under 24 hours, and customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
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.
Shakepay offers chat support, helpful FAQs and email support, with tickets typically answered within hours, even on weekends. When we tested it, we received a reply in under 24 hours, and customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
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.
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, but all provinces and territories. It is simply not an option, regardless of its advanced derivatives features or low fees.
Shakepay is the clear choice. As a CIRO-registered investment dealer since January 2025, it holds the same regulatory standard as bank-owned brokerages, with CIPF coverage on CAD balances up to $1 million. Add free Interac deposits, zero withdrawal fees, ShakingSats, the Shakepay Card with bitcoin cashback, interest on your CAD balance and the April 2026 bitcoin-backed loans product, and it is a genuinely well-rounded platform for Canadians who want BTC and ETH. The two-coin limitation is the only real constraint — if you need a wider range of assets, platforms like Kraken or Crypto.com are worth checking.
We recommend choosing Shakepay 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 neither Shakepay nor BitMEX meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
