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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held. Note that Kraken's client assets are not covered by CIPF, which every user must acknowledge at sign-up.
Both Uphold and Kraken employ cold storage and two-factor authentication as their core security layers. Kraken's clean 13-year hack-free record, regular Proof of Reserves audits and nationally regulated status give it a clear institutional edge — and since Uphold is no longer available in Canada, only Kraken's protections are relevant for Canadian readers.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally in every province and territory, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians in every province can now use the platform with confidence — the old Ontario-only service restriction that existed before April 2025 no longer applies.
Uphold was registered with FINTRAC but is no longer authorized to serve Canadian users. Kraken is a registered restricted dealer in every Canadian province and territory and is registered with FINTRAC. Only Kraken is authorized to serve Canadian retail investors.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
Kraken's 24/7 live chat is the clear advantage here for any Canadian who needs real-time help. Uphold's support is relevant to Canadians only for recovering stranded CAD balances.
Conclusion
From a Canadian perspective, this comparison has only one answer. 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, and act quickly if you used Uphold Vault since the 12-month key retention window after account closure is running.
Kraken is the clear choice for Canadians. Its restricted dealer registration across all provinces and territories as of April 2025 makes it one of the most compliant global exchanges operating in Canada today. The feature set is strong: 200+ coins with CAD pairs, free Interac deposits, pro-grade trading on Kraken Pro, staking, and 24/7 live chat. The main caveats are high Instant Buy fees (use Kraken Pro for volume) and the absence of CIPF coverage on client assets, so long-term holders should withdraw to their own wallet regularly.
We recommend choosing Kraken over Uphold 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 Kraken doesn't meet your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
