Security Compliance
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
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.
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
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 BitMEX and Uphold employ cold storage and two-factor authentication as their core security layers. Neither platform's security arrangements are relevant to Canadians since neither is accessible.
Regulatory Compliance
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer Canadian-friendly: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
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.
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer available to Canadians: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
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.
Neither Uphold nor BitMEX is registered with Canadian securities regulators or authorized to serve Canadian retail crypto investors. Both platforms explicitly exclude Canada from their supported jurisdictions. For Canadians looking for regulated platforms, see our monthly-updated list of the best crypto exchanges in Canada.
Customer support
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start, and be patient, as reviews frequently mention slow, message-only support with replies taking days.
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.
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start — be patient, as reviews frequently mention slow, message-only support with replies taking days.
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, neither Uphold nor BitMEX is available, so there is no meaningful choice to make between them. Uphold exited Canada on June 11, 2025 — if you had an account, the withdrawal deadline was September 8, 2025, and any remaining crypto was auto-converted to CAD. Log in and withdraw it now if you haven't. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023.
If you found this article while searching for a multi-asset exchange or a derivatives platform in Canada, we would point you elsewhere. For a wide range of cryptocurrencies with a user-friendly interface similar to what Uphold offered, Crypto.com and Wealthsimple Crypto are among the best regulated options. For more advanced trading and coin selection, Kraken is worth a look.
We recommend neither Uphold nor BitMEX for Canadians — simply because neither is available. Explore our full list of the best crypto exchanges in Canada to find a platform that suits your needs.
