Is Binance Allowed in Canada or Still Prohibited in 2024?

Binance, the world’s leading cryptocurrency exchange, is no longer available to Canadians. This article dives into the regulatory issues that led to Binance’s exit from Canada in September 2023, explores some of the best alternatives for Canadian crypto investors, and provides a brief overview of Binance itself.

Binance in Canada: A History of Regulatory Scrutiny

Binance’s troubles in Canada began in 2021 when the Ontario Securities Commission (OSC) cracked down on cryptocurrency exchanges operating within the province without complying with its Securities Act. This action targeted Bybit, Poloniex, and KuCoin, all of which failed to meet deadlines set by the regulator.

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In response to the OSC’s actions, Binance updated its Terms of Use in June 2021, effectively banning its services in Ontario. Users residing in the province were required to withdraw their funds by December 31, 2021.

The regulatory tensions extended beyond Ontario. In February 2023, the Canadian Securities Administrators (CSA) issued new guidance that restricted crypto trading platforms from allowing customers to buy or deposit stablecoins without prior CSA approval. This further strained the relationship between Binance and Canadian regulators.

By May 2023, citing a “challenging regulatory environment,” Binance announced its complete withdrawal from the Canadian market, leaving users across all provinces and territories without access to its platform.

Top Crypto Exchange Alternatives for Canadians in 2024

While Binance is no longer an option, several reputable crypto exchanges cater to Canadian investors. Here’s a look at some of the top contenders:

  • Bitbuy: A great alternative for those seeking a live order book and deep liquidity. It boasts over $7 billion worth of facilitated crypto transactions and offers a wide range of popular coins, including Bitcoin, Ethereum, and Litecoin. Trading fees range from 0% to 2%, and funding options include Interac e-Transfer, bank wire, credit/debit cards, and crypto deposits. New users can also benefit from a $50 bonus upon depositing an initial $250 or more.
  • VirgoCX: This full-fledged exchange supports over 80 cryptocurrencies and offers commission-free deposits and withdrawals. Trading fees range from 0.50% to 2.50%, and supported coins include Bitcoin, Polkadot, Uniswap, and USD Coin. VirgoCX also incentivizes new users with a $20 bonus for a $100 deposit.
  • Newton: A user-friendly crypto brokerage platform ideal for beginners. It supports various popular coins and offers competitive trading fees of up to 2.00%. Funding methods include Interac e-Transfer, bank wire, and crypto deposits. New users can enjoy a $25 bonus when trading at least $100 worth of crypto.
Is Binance Allowed in Canada or Still Prohibited in 2024?
  • Wealthsimple Crypto: This platform caters to beginner investors seeking a user-friendly experience. It offers over 50 coins and integrates seamlessly with the Wealthsimple Trade app for stock investing. Trading fees are set at a flat 2%, and funding is facilitated through Electronic Funds Transfers and external crypto wallet deposits.
  • CoinSmart (now Bitbuy): This established Canadian exchange supports a wide range of popular coins with competitive trading fees ranging from 0% to 2%. CoinSmart offers various funding options like Interac e-Transfer, bank wire, credit/debit cards, and boasts its status as one of the few publicly traded crypto companies. New users can claim a $50 bonus upon depositing $250 or more.

These are just a few of the many reputable crypto exchanges available to Canadians. It’s crucial to research and compare features, fees, security measures, and supported currencies before choosing a platform that aligns with your investment goals and risk tolerance.

A Look at Binance: The Global Giant Now Out of Canada

Binance, despite its Canadian exit, remains the world’s leading cryptocurrency exchange, processing over $2 billion in daily transactions. It offers users access to a vast selection of over 350 cryptocurrencies and tokens for spot trading, derivatives (options and futures), and its own native token, Binance Coin (BNB), currently ranked #3 by market capitalization.

While Binance utilizes encryption and 2-factor authentication for account security, it’s essential to implement additional security measures like anti-phishing codes, updated antivirus software, and secure browsing practices to further protect your crypto assets. For those holding significant crypto balances, transferring them to a secure hardware wallet is highly recommended.

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Where Else is Binance Banned or Restricted?

Beyond Canada, Binance faces regulatory hurdles in several other jurisdictions. Here’s a quick rundown:

  • United Kingdom: The Financial Conduct Authority (FCA) declared Binance Markets Limited unauthorized to offer regulated activities in the UK.
  • Japan: The Financial Services Agency (FSA) issued a warning, stating Binance wasn’t registered to offer crypto services in Japan.
  • United States: is inaccessible in the U.S. due to ongoing investigations. However, Binance.US, a separate entity, operates within the regulatory framework of the United States.
  • Thailand: The Securities and Exchange Commission filed a complaint against Binance.
  • Malaysia: The Securities Commission ordered Binance to cease operations within the country.
  • Italy: The Commissione Nazionale per le Societa e la Borsa (CONSOB) prohibited Italians from using Binance.
  • China: Cryptocurrency trading platforms are entirely banned in China.
  • This list highlights the complex and evolving regulatory landscape surrounding cryptocurrency exchanges globally. It’s important to stay informed about regulatory updates in your jurisdiction, especially if you’re considering using a specific crypto exchange platform.

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