Security Compliance
Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.
Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.
As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Binance prioritizes security and adheres to international AML and CTF regulations. By implementing robust security measures like two-factor authentication (2FA) and providing cold storage for customer funds, the platform ensures advanced protection and enhances the safety of user assets.
Crypto.com places a strong emphasis on security and safety. It stores 100% of customer funds in cold storage, ensuring enhanced protection against unauthorized access. The platform also implements two-factor authentication and collaborates with leading cybersecurity firms to maintain a secure environment.
Regulatory Compliance
Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type.
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
As a global exchange, Binance complies with international regulations, including AML and CTF requirements such as the US Bank Secrecy Act and the FATF recommendations. It operates in Canada but faced restrictions from the Ontario Securities Commission (OSC) in terms of carrying out business in the province.
Crypto.com has achieved a significant milestone by signing a pre-registration undertaking with the Ontario Securities Commission (OSC), making it the first global crypto exchange to demonstrate compliance with the OSC's regulations in Canada. This partnership highlights Crypto.com's commitment to adhering to regulatory requirements and providing a trustworthy platform for Canadian users.
Customer support
Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
Binance provides round-the-clock customer support, ensuring assistance is available whenever needed. Users can benefit from a live chat feature and a comprehensive help center, which offer reliable resources and prompt solutions to inquiries. Users can easily access assistance and find answers to their queries.
While Crypto.com's customer service has received mixed reviews, the support team generally handles issues within 24 hours. The exchange could benefit from improved educational resources and a knowledge center on its website to assist users with troubleshooting.
Conclusion
Both Binance and Crypto.com are reputable crypto exchanges with their own strengths. Binance is known for its robust trading platforms, wide range of supported cryptocurrencies, and strong compliance with international regulations. On the other hand, Crypto.com offers a comprehensive suite of features, including staking, NFTs, and crypto Visa cards, along with a secure and user-friendly mobile app. While both exchanges have their merits, Binance emerges as the winner due to its extensive offerings and reputation in the crypto industry.
Initially, we recommended choosing Binance over Crypto.com for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Crypto.com.
If you find that neither Binance nor Crypto.com meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
