Status Notice: Binance left Canada in May 2023. It announced the exit on May 12, 2023, saying the new Canadian securities rules made operating here untenable, and its Canadian entity, Binance Canada Capital Markets Inc., shows as ceased in the FINTRAC registry as of May 30, 2023. This review is kept for reference and is written in the past tense. I do not recommend opening a Binance account as a Canadian. The best alternative on my list is Kraken (Kraken), with Coinbase (Coinbase) as the simplest option for beginners.
Is Binance legal and available in Canada? Not any more: Binance left Canada in May 2023, and a Canadian cannot open a compliant account. Binance is the world's largest crypto exchange by reputation, and for years it was where Canadians went for the widest coin selection and low trading fees. Canada is no longer served: Binance exited in May 2023, it is not on the CSA's authorized or banned lists, and Canadians cannot open a compliant account. I tested it before the exit and kept my notes below as a record of what it offered and why it did not suit beginners.
Binance was the largest cryptocurrency exchange in the world when I tested it. As someone who has tested over 50 crypto exchanges since 2016, I signed up for a Binance account to see whether it suited Canadians. This is that review, kept for the record.
| Detail | Info |
|---|---|
| Canadian Status | Left Canada. Exit announced May 12, 2023 |
| FINTRAC | Binance Canada Capital Markets Inc. (M21783493): ceased, May 30, 2023 |
| CSA | Not on the authorized list and not on the banned list (checked October 2, 2026) |
| Return To Canada | Binance said it hoped to return one day. No return was found in searches on October 2, 2026 |
| My Old Score | 7.9/10, retired. It is not part of my current ranking |
| Better Option | Kraken, Restricted Dealer with free Interac e-Transfer funding |
Is Binance Legal And Available In Canada?
Binance is not available. It announced on May 12, 2023 that it was leaving because the new Canadian securities rules made operating here untenable, and its Canadian entity is shown as ceased in the FINTRAC registry on May 30, 2023. It is not on the CSA authorized list and, as of October 2, 2026, not on the CSA banned list either. That is the honest picture: it is not a banned platform, it is a platform that does not serve you, and no Canadian regulator stands behind an account there.
Is Binance Available In Ontario?
No, and Ontario was first. In a June 25, 2021 announcement Binance told Ontario users it could no longer service them and that they needed to close out active positions by December 31, 2021. The wider exit followed in 2023.
Is USDT Legal In Canada?
Owning USDT is not illegal, but you will not find it on a registered Canadian platform. Under CSA Staff Notice 21-333 a registered platform can offer a stablecoin only if its issuer meets reserve, custody and disclosure terms, and USDC is the one that committed. Coinbase suspended USDT trading for Canadians on August 31, 2023, and Crypto.com did so in January 2023.
Is Binance Better Than Coinbase For Canadians?
The comparison is moot, because only one of them serves you. Binance had the longer coin list and lower headline trading fees. Coinbase is CSA-registered, funds in CAD by Interac e-Transfer, and sits first on my ranking at 9.8. See the Binance versus Coinbase comparison if you want the history side by side.
What Was Binance Like For Canadians?
Alongside Coinbase and Crypto.com, Binance ranked as one of the most popular cryptocurrency exchanges in the world. It offered a huge range of coins, from Bitcoin and Cardano to niche coins like Burger Swap and Skycoin, plus its own coin, Binance Coin (BNB). It operated in many countries and accepted fiat deposits in dozens of currencies.
For Canadians the weak spot was always funding. You could not connect a Canadian bank account directly. CAD went in through third-party services such as Simplex and Banxa, through a debit or credit card if your bank allowed it, or through the peer-to-peer marketplace. Those routes added fees, which is why I told most people to buy on a Canadian exchange and send the coins over instead.
What Features Did Binance Offer?
Binance Pay let users send and spend crypto without fees at merchants that accepted it, and Travala was one of them. Through the Peer-to-Peer exchange you could buy and sell directly with other users, often at lower costs, and many Canadian users accepted Interac e-Transfers.
It went well beyond simple trading. Futures contracts, options, crypto loans using your coins as collateral, an NFT marketplace and a charity arm were all part of the platform. For trading there were three modes: Convert for quick crypto-to-crypto swaps, Classic for charting, and Advanced for professional tools. The limits were real too: the Binance Visa card was not available in Canada, and Binance was banned for residents of Ontario before the wider exit. See Is Binance legal in Canada for the background.
How Did Registration And Verification Work On Binance?
Registering was no different from signing up anywhere else. You entered personal details such as email and phone number, then provided a government-issued ID and a selfie. That was enough for most people. Trading more than $200k a day required proof of address on top.
What Did Binance Cost?
Trading fees were low, and holding BNB gave a discount. There were no deposit or withdrawal fees for CAD because you could not link a Canadian bank account in the first place. Peer-to-peer purchases had no deposit fee because you paid the other user directly, and card purchases carried a card fee that was added on top. Binance.US, the American version, was a trimmed-down product and never served Canadians.
Was Binance Safe For Canadians?
Binance offered the usual protections: two-factor authentication, withdrawal address whitelisting, a security key and an anti-phishing code. It was large enough to be a target, though. In 2019, hackers stole 7,000 Bitcoin along with users' 2FA codes and API tokens through phishing and viruses. Most assets sat in cold wallets, only a small share of the hot wallet was affected, and Binance covered the losses from its emergency insurance fund so no users lost funds.
Even the biggest exchanges are exposed to hacks and collapses, so my advice has not changed: move your crypto to an external wallet if you are not actively trading it.
How Was The Binance App And Interface?
Binance worked on web, desktop and mobile, and the layout was complex for beginners. The mobile app was friendlier than the desktop version, with easy deposit, trade and withdraw screens. If you were a beginner or wanted to trade quickly, I recommended the app. The dashboard had no direct option to deposit CAD, and the Buy button led to card, P2P or third-party payment options.
If you had already bought crypto elsewhere and sent it over, the Convert tool made swapping coins simple. Seasoned traders could switch to the Advanced view for charting. The Classic interface was just as dense, with the top menu leading to orders and wallet.
How Was Binance Customer Support?
Support ran 24/7 online, but it was frustrating. You could submit a ticket, though Binance pushed you to its support articles first. There was no email address or phone number for direct contact, and a support bot handled the first round. I rated it 2 out of 10 for how often it left users to sort things out on their own.
Who Was Binance Right For, And What Should You Use Now?
Binance was a powerhouse: futures, options, P2P, and a coin list that could not be beaten for obscure tokens. It was ideal for experienced traders and day traders. It fell short for Canadians in one key area, direct CAD deposits, which pushed people toward cards that many Canadian banks block for crypto, and it was decidedly not beginner-friendly. Too many menus and unfamiliar terms like spot and margin led to decision paralysis, and getting a human on support was hard.
Today the question is moot, so here is where I would point you. For the closest all-round experience with CAD funding, use Kraken. For a first purchase, Coinbase. Not sure which fits you? Take the exchange quiz or see the full best crypto exchanges for Canadians ranking.
| Exchange | Score | Canadian Status |
|---|---|---|
| Coinbase | 9.8 | CSA Restricted Dealer, all provinces |
| Kraken | 9.2 | CSA Restricted Dealer |
| Wealthsimple Crypto | 8.4 | CSA-registered, CIRO investment dealer |
| NDAX | 7.8 | CSA-registered, CIRO investment dealer |
What Changed For Binance In October 2026?
- Still not on the CSA authorized list or the banned list, and no return to Canada found in searches.
- Binance Canada Capital Markets Inc. shows as ceased in the FINTRAC registry.
- Binance announced it was leaving Canada, citing the new Canadian securities rules.
Frequently Asked Questions
Is Binance Available In Canada?
No. Binance left Canada in May 2023 after announcing the exit on May 12, 2023. Its Canadian entity, Binance Canada Capital Markets Inc., shows as ceased in the FINTRAC registry as of May 30, 2023.
Is Binance Banned In Canada?
Binance is not on the CSA banned list, but it is not on the CSA authorized list either. It stopped serving Canadians in 2023, and Ontario had restricted it earlier.
Will Binance Come Back To Canada?
Binance said it hoped to return one day. A search on October 2, 2026 found no return.
What Is The Best Binance Alternative In Canada?
Kraken is the closest match, with a broad coin list and Interac CAD funding, and it is a CSA-registered Restricted Dealer. Coinbase is the easiest choice for beginners.
Did Binance Get Hacked?
In 2019 hackers took 7,000 Bitcoin in a phishing and malware attack. Binance covered the losses from its emergency insurance fund, so users did not lose funds.
Could Canadians Deposit CAD On Binance?
Not directly. CAD went in through third-party providers such as Simplex and Banxa, by card if the bank allowed it, or through peer-to-peer trading.
How Do I Withdraw From Binance In Canada?
I could not find a current Binance statement on withdrawals for Canadians after the 2023 exit. If you still hold funds, log in and withdraw them to your own wallet or a registered Canadian exchange rather than leaving them there, and do not deposit anything new. Once the coins are on a registered platform you can sell to CAD and cash out by Interac e-Transfer.
Is Binance Safe And Legit For Canadians?
Binance was a real, very large exchange, but it no longer serves Canada, and its Canadian entity is shown as ceased in the FINTRAC registry as of May 30, 2023. It is not on the CSA authorized list, so no Canadian regulator stands behind a Canadian account. In 2019 it suffered a hack of 7,000 Bitcoin and covered the losses from its insurance fund.
What Were Binance's Fees For Canadians?
Spot trading fees were low and holding BNB gave a discount, and there was no CAD deposit fee because you could not link a Canadian bank account. Funding came through card or third-party payment providers, which added their own fees. I did not find a current Canadian fee schedule, because the service is gone.
Do I Need Binance Tax Documents For The CRA?
Yes, if you traded there. The CRA expects you to keep a record of every transaction: date, units and Canadian dollar value. Download your Binance trade and transfer history while you still can, and load it into tax software such as Koinly. Selling, swapping or spending crypto can be taxable.