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. CoinSmart – $50 Signup Bonus
Best In Canada
|
Trading fees: 0.2% (Medium) |
★★★★★ Rated 4.9/5 |
CoinSmart supports 16 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.
CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they're a highly secure exchange.
CoinSmart maintains a 95% cold storage policy, and as a publicly-traded company, its financials are audited by a third-party firm at least once per year.
If you're looking for a great all-around crypto trading platform, CoinSmart is an excellent choice.
Features
- Very low spreads on trades
- 24/7 customer support available via live chat and email
- Instant account verification
- Supports 16 cryptocurrencies
- Registered Marketplace by the OSC
- Immediate deposits and withdrawals
- User-friendly for both beginners and advanced traders
- 95% cold storage policy keeps your crypto extra secure
Cost
- Account Opening: Free
- Trading Fees: 0.2%
- INTERAC Deposit: 1.5%
- Bank Wire Deposit: 0%
- Bank Wire Withdrawal: 1%
- EFT Withdrawal: 1%
Signup Bonus
$50 bonus when you sign up using this link and our promo code YOREOYSTER.
Best For
Investors looking to trade with low trading fees.
2. VirgoCX – $20 Signup Bonus
#2 In Canada
|
Trading Fees: 0% |
★★★★★ Rated 4.7/5 |
VirgoCX offers 50+ cryptocurrencies, charges zero trading fees, and only charges spread between 0.5% – 0.95%, making it a cost-effective exchange.
VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.
VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts and maintains a 95% cold storage policy to keep your assets safe at all times.
As a new VirgoCX user, you'll receive a $20 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the dozens of assets VirgoCX supports.
If maximizing your investment potential is important to you, VirgoCX is a great choice.
Features
- Lowest fees in all of Canada
- Supports 50+ cryptocurrencies
- Free fiat deposits and withdrawals
- Free deposits and withdrawals on most cryptocurrencies
- 24/7 support available via live chat and email
- User-friendly for both beginners and more advanced traders
- 95% cold storage policy keeps your crypto extra secure
Cost
- Account Opening: Free
- Cash Deposits: Free
- Cash Withdrawals: Free
- Crypto Deposits: Free
- Crypto Withdrawals: Free for all major coins
- Spreads on trades: 0.5% – 0.95%
Signup Bonus
$20 when you fund your account with $100 or more using this link.
Best For
Investors looking for the lowest fees in Canada.
3. ZenGo – Most Secure
Good All-Around
|
Account Opening: Free |
★★★★ Rated 4.4/5 |
ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.
ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.
ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.
Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.
Features
- Supports 75+ crypto assets
- 24/7 customer support
- Extremely well-rated mobile app (4.7/5 on the App Store)
- Face scanning technology for even greater security
- Up to 8% APY in crypto savings
- Cancel or speed up your sent transactions with one tap
- Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)
Cost
- Account Opening: Free
Best For
Crypto investors looking for the most secure trading experience + low fees.
SECURE MY CRYPTO FOR FREE
Sign up by May 30, 2023.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).
