Currently, Binance has been admitted as a Money Services Business (MSB, legal name BINANCE CANADA CAPITAL MARKETS INC.) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which allows it to conduct and offer forex and crypto assets services to most Canadians. However, because of regulatory pressure from the Ontario Securities Commission (OSC), Binance has suspended its services in Ontario without any plans to come back any time soon, leaving a third of the Canadian population unable to use the platform.
With this in mind, I instead recommend that you use other Canadian crypto exchanges that are fully compliant with Canadian law and are available countrywide, such as Bitbuy, CoinSmart, or VirgoCX. You can't go wrong when using any of these three platforms, especially if you consider their ease of use, their outstanding security, and the fact that they have some of the lowest trading fees of any Canadian crypto exchange.
Is Binance Legal In Canada?
Currently, Binance is legal everywhere in Canada, with the exception of Ontario. This is because the Ontario Securities Commission (OSC) took aggressive measures against crypto exchanges that weren't complying with the Ontario Securities Law back in 2021. Many exchanges failed to meet the deadline set by the OSC, and once the regulatory entity published Statements of Allegations against them, Binance decided to suspend operations in the province before the OSC could get to it.
You can still use the exchange if you're from other Canadian provinces, but considering the platform's restricted jurisdiction in the country, you can't really know for sure if the exchange will decide to suspend operations nationwide in the future. With that in mind, I'd be hesitant to recommend using the platform, as you'd be unable to use your Binance account and be forced to withdraw your funds if that were to happen. This is a similar process to what Ontario users had to go through in December 2021, which was the deadline set for Ontario residents still using the platform.
3 Crypto Exchanges I Recommend Over Binance
Despite the platform having a reputation for being the world's largest crypto exchange, I'm hesitant to recommend its use if you're a Canadian crypto trader, mainly because the platform's not available in Canada nationwide, and it also doesn't accept Canadian dollars (CAD). Because of this, I instead recommend you use any of the following three crypto exchange platforms:
1. Kraken – Best In Canada & Lowest Fees
Best In Canada
|
Total Fees: ~0.16% |
★★★★★ Rated 4.9/5 |
Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.
For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.
Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.
If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.
Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.
Features
- Extremely low trading commissions (0.16%)
- Extremely low spreads (0.0003%)
- Trade 100+ cryptocurrencies
- Stake 100+ cryptocurrencies
- Simple, intuitive user interface
- Kraken Crypto Watch allows you to keep track of the crypto market
- NFT trading inside the Kraken app
- 24/7 customer support via phone, email and live chat
- Plenty of free educational resources available to users
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0.16% (spot trades cost 0.26%)
- Spreads: 0.0003%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: $10 CAD
Best For
Canadian cryptocurrency investors looking to trade with the industry's lowest fees.
2. Bitbuy – $50 Signup Bonus
Strong Security
|
Trading fees: 2% (High) |
★★★★ Rated 4.2/5 |
Bitbuy is a decent backup option for Canadians in need of a crypto exchange.
Bitbuy user accounts are verified instantly, but its customer support has degraded over time, and trading fees are quite high at 2%, more than 10x that of Kraken.
To date, Bitbuy has processed more than $4 billion in trades across its 450,000+ Canadian users. It's a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it's a highly safe and secure exchange that offers deep liquidity on all order sizes.
I've personally used Bitbuy for over a year, so I've seen them change their platform over time. For example, Bitbuy recently removed its fees on deposits, making the overall trading experience less expensive for users. However, they increased their trading fees to 2% around the same time, negating most or all of those cost savings.
For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected exchange that offers great customer service and a slick mobile app, open a Bitbuy account today.
Features
- Easy to use for both beginners and more advanced traders
- Supports 25+ cryptocurrencies
- Customer support via live chat and email
- Powerful mobile app (rated 4.6/5 on the App Store)
- 99% cold storage policy keeps your crypto extra secure
Cost
- Account Opening: Free
- Trading Fees: 2%
- INTERAC Deposits: Free
- INTERAC Withdrawals: 1.5%
- Bank Wire Deposit: Free
- Bank Wire Withdrawal: 1.5%
- Credit Card Transactions: 6.25%
Signup Bonus
$50 bonus when you deposit $250 using the link below
Best For
Investors looking for a smooth trading experience (though be aware of high fees).
In Summary
Currently, Binance has been admitted as a Money Services Business (MSB, legal name BINANCE CANADA CAPITAL MARKETS INC.) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which allows it to conduct and offer forex and cryptocurrency services to most Canadians. However, Binance doesn't comply with the Ontario Securities Commission (OSC) regulatory conditions, which is why Binance had to suspend its services in Ontario, leaving a third of the Canadian population unable to use the platform.
With this in mind, I instead recommend that you use other Canadian cryptocurrency exchanges that are fully compliant with Canadian law and are available countrywide, such as Bitbuy, CoinSmart, or VirgoCX. You can't go wrong when using any of these three platforms, especially if you consider their ease of use, their outstanding security, and the fact that they have some of the lowest trading fees of any Canadian crypto exchange.
Is Binance Legal In Canada FAQs
What is Binance?
Binance is an international cryptocurrency exchange and is currently the world’s largest crypto exchange by volume. Headquartered in the Cayman Islands, Binance began operations in 2017. The founder of Binance is Changpeng Zhao, a software developer who previously developed high-frequency trading software. The platform began operations in Hong Kong but has relocated its headquarters to the Cayman Islands due to increasing intervention in cryptocurrencies coming from the Chinese government.
The platform has many features that make it an attractive crypto exchange option, such as its huge array of supported cryptocurrencies (350+), the fact that it allows you to trade derivatives such as options and futures contracts, and its own cryptocurrency (Binance Coin, or BNB) that allows you to reduce their already low trading fees if you conduct trades with it.
Can you use Binance in Canada?
Yes, you can use Binance in Canada. However, the crypto exchange cannot be used in Ontario, so be aware that this could change in the future.
Can you withdraw from Binance in Canada?
Yes, you can withdraw from Binance in Canada without much issue. All you need to do is follow the steps outlined in the section below.
How to withdraw from Binance in Canada
To withdraw crypto funds from your Binance account, you only have to follow these steps:
- Log in to your Binance account.
- Choose “Withdraw” and then “Crypto”.
- Select the network you wish to use and the cryptocurrency you wish to withdraw.
- Choose “Receive”.
- Enter the address of your personal crypto wallet.
- Choose “Send Code”.
- Enter your 2-factor authentication code.
Is Binance safe & secure?
Yes, Binance is a safe and secure cryptocurrency exchange. It has a variety of security measures to keep your crypto assets secure, including:
- Cold storage for digital assets.
- 2-factor authentication support.
- Additional security settings include whitelisting devices, anti-phishing codes, and withdrawal address management.
- Security tips for its users to increase their account safety.
Is Binance banned anywhere else in the world?
Yes, Binance is banned in other countries apart from the Canadian province of Ontario. Other territories where Binance is banned include:
- Japan: Japan's Financial Services Agency (FSA) has previously warned that Binance is not registered and therefore unable to offer crypto services in the country.
- United States: Binance is also banned in U.S. territory, and it's currently undergoing heavy investigation by American regulatory entities. Strangely enough, however, the platform has a separate version of itself that is legal to use in the U.S., known as Binance.US.
- The United Kingdom: Binance Markets Limited is also not allowed to offer its services in the United Kingdom, as noted by the UK's Financial Conduct Authority (FCA).
- Thailand: Binance also cannot operate in Thailandese territory, and in fact, the country's Securities and Exchange Commission has filed a complaint against the platform. Yikes…
- Italy: Italians have been banned from using Binance by Commissione Nazionale per le Societa e la Borsa (CONSOB), one of Italy's regulatory authorities.
Does Binance have a referral code?
Unfortunately, there are no Binance referral codes are available at this time.
Does Binance report to the CRA?
Yes, as a Money Services Business, Binance is legally required to report all large transactions to the Canada Revenue Agency (CRA). Large transactions are those over $10,000 CAD.
Is crypto trading legal in Canada?
Yes, crypto trading is perfectly legal in Canada. Crypto mining and crypto exchanges are also legal to do and use in the entirety of the Canadian territory.
Can I use Binance in Ontario?
No, you can't use Binance in Ontario. The platform has stopped all operations in the province due to regulatory pressure from the Ontario Securities Commission (OSC).
