Note: Binance is not available to Canadians. Binance withdrew from the Canadian market in May 2023 after refusing new CSA investor-protection requirements, and it remains unavailable in every province and territory, not just Ontario. VirgoCX is the only active platform here.
In this comparison, we look at Binance and VirgoCX, two prominent cryptocurrency exchanges in Canada. Binance is a globally recognized exchange known for its extensive features, and completely off-limits to Canadians since May 2023. VirgoCX is a Toronto-based platform that pivoted to a non-custodial model in April 2025, offering 90+ coins with zero commissions. This comparison is preserved for historical reference only.
Binance Vs VirgoCX: Which Is Better For Canadians?
Neither is an option for Canadians today. Binance left Canada in May 2023 after announcing on May 12, 2023 that new Canadian securities rules made operating there untenable. The OSC lists VirgoCX's restricted dealer registration as suspended effective November 24, 2025, and the CSA list shows it under terms requiring a wind-down of its registrable business. It remains a FINTRAC-registered money services business. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
What Are The Key Differences Between Binance And VirgoCX?
Binance Vs VirgoCX: Side By Side
Binance
VirgoCX
Description
Founded in 2017 by Changpeng "CZ" Zhao, a McGill graduate raised in Canada, Binance was the world's largest cryptocurrency exchange by trading volume, offering hundreds of coins, deep liquidity and every product type. It withdrew from Canada in May 2023 after announcing that new Canadian securities rules made operating there untenable, and it is unavailable in every province and territory.
VirgoCX was a Toronto-based platform that served Canadians as a CSA restricted dealer. In April 2025 it ended custodial accounts and moved to a non-custodial service, where crypto goes to your own wallet. The OSC lists its dealer registration as suspended effective November 24, 2025.
Coins
Hundreds of cryptocurrencies including BTC, ETH, XRP, DOGE and USDT, none accessible from Canada.
It advertised 90+ coins including BTC, ETH, XRP, SOL and USDC before the change. The current list is not published.
Fees
A 0.1% base spot fee, dropping with volume and BNB discounts, was historically among the cheapest anywhere. Not applicable to Canadians now.
Past tense: Oleg's table cited spreads of 0.95% on BTC and ETH and 1.6% on other assets, with volume tiers. The official fee page is behind a bot check, so this was not re-confirmed and is no longer current.
Pros
Largest exchange in the world with the deepest liquidity
Huge altcoin selection and low fees
Advanced order types, margin, futures and P2P trading
Lite and Pro interfaces for beginners and veterans alike
Was registered with the CSA as a restricted dealer until suspended
Non-custodial service from April 2025
OTC desk (VirgoCX Wealth)
Still a FINTRAC registered money services business
Cons
Exited Canada in May 2023 rather than accept the new CSA requirements that every registered platform accepted
Fined roughly $6 million by FINTRAC for anti-money-laundering reporting failures in Canada
Pleaded guilty in the US in 2023 with an approximately $4.3 billion settlement, with founder CZ serving prison time before a 2025 pardon
Faced Canadian class action litigation over derivatives previously sold to retail investors
Using it via VPN violates its terms, risks frozen funds, and leaves you with no recourse in Canada
Registration as a dealer suspended effective November 24, 2025
The non-custodial service is not offered under its securities registration, and no regulator has confirmed it is regulated under securities law
No securities-law investor protections for the non-custodial service
Custodial accounts ended; assets left after the deadline were sold
Fee page and coin list could not be verified
Security
2FA, cold storage with multi-signature wallets, mandatory KYC and the SAFU emergency fund. The 2019 hack (7,000 BTC stolen from the hot wallet, roughly 2% of holdings, fully reimbursed) was a reminder that even giants get breached.
Past tense: VirgoCX stopped holding crypto for customers in 2025. No protections under securities law were confirmed for the non-custodial service, and CIPF never covered crypto.
Methods To Buy
Canadians cannot buy crypto on Binance. Legacy users with balances should withdraw to a private wallet. Binance said it hoped to return one day but no return has been announced, so treat any offer of Binance access for Canadians as a scam.
Past tense: Interac e-Transfer (free, 2021 help article, not re-confirmed after the 2025 switch).
App
The app works in supported countries; for Canadians its only remaining function was withdrawing legacy balances.
Apple Canada app 'Virgo: Buy Bitcoin, XRP and More' rated 4.43 from 395 ratings (2026-10-03).
Account Limits
Not applicable. New Canadian registrations were blocked and legacy Canadian accounts were moved to withdrawal-only status.
Not published. Custodial accounts ended in 2025; customers must hold crypto in their own wallets.
How Do You Fund And Cash Out Binance And VirgoCX In Canada?
VirgoCX: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free, no funding minimum (2021 article, not re-confirmed)
None stated
Not published
Not published
Legacy Canadian accounts are withdrawal-only. No current funding methods. VirgoCX is no longer a registered dealer in Canada; do not treat these methods as current.
What Do Binance And VirgoCX Offer Beyond Buying And Selling?
Binance Only
Derivatives, margin and P2P (historic): Binance offered futures, margin and P2P trading globally. Canadian retail access ended in May 2023.
What Happens To Your Money If Binance Or VirgoCX Fails?
Binance: Binance has no Canadian entity registered or recognized today, so Canadian regulators give you no recourse. If you still hold a balance, withdraw it to a wallet you control; legacy Canadian accounts were set to withdrawal-only. Using a VPN to keep trading breaks Binance's terms and can freeze your funds. Treat sites and Telegram groups offering Binance access to Canadians as scams.
VirgoCX: The OSC lists VirgoCX's restricted dealer registration as suspended since November 24, 2025, and the CSA list shows terms requiring a wind-down of its registrable business. It stopped holding customer crypto in 2025, so the remaining service is non-custodial and sits outside securities-law investor protections. A FINTRAC MSB registration covers anti-money-laundering rules only. CIPF never covered crypto. Use this platform only if you accept those gaps, or move to a registered dealer.
How Are Binance And VirgoCX Treated For Tax In Canada?
Binance: Trades on Binance were dispositions for CRA purposes. Export your trade and deposit history while you can still log in for withdrawals. Export formats: Not published.
VirgoCX: Past activity on VirgoCX followed the usual rules: selling, swapping or spending crypto are dispositions reportable to the CRA. Check your old statements for cost basis; export tools are Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, Binance Or VirgoCX?
Choose Binance If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
Choose VirgoCX If
You already hold a VirgoCX history and need to check records
You are looking only for registered Canadian dealers: pick another platform
What Happened To Binance?
Binance left Canada in May 2023. On May 12, 2023 it announced that new Canadian securities rules made operating there untenable. Global News reported that the new rules covered stablecoins and crypto contracts, with a CAD 100 million escrow mentioned. A few weeks later, on May 30, 2023, the FINTRAC registry shows Binance Canada Capital Markets Inc. (M21783493) as ceased.
Binance is not on the CSA authorized list and it is not on the CSA banned list. It simply is not here. It said it hoped to return one day, but I found no sign of a return.
Binance: Timeline
Date
Event
May 12, 2023
Binance announces it is leaving Canada
May 30, 2023
FINTRAC lists Binance Canada Capital Markets Inc. as ceased
What Should Existing Binance Users Do?
If you still hold anything on Binance, treat it as an account at a platform that does not serve Canada. I have not verified current withdrawal terms for Canadian users, so confirm them in Binance's own Canada FAQ before you move money, and move long-term holdings to your own wallet.
What Should Binance Users Use Instead?
The closest answer on this page is VirgoCX, a CSA-listed Canadian platform that stopped holding customer crypto in 2025. Here is what it offers, using the same sources as the cards above.
VirgoCX: Key Facts
Item
VirgoCX
Regulation
On the CSA list under terms requiring wind-down of its registrable business
Trading Cost
Not verified (the official fee page blocked my checks)
Interac E-Transfer Funding
Free, no minimum per a 2021 support article, not reconfirmed since 2025
Cashing Out
Not verified
Coins
Not verified
I cannot give you a verified VirgoCX fee. The official fee page sat behind a bot check when I tried it, and I will not substitute third-party review figures. Ask for a live quote and compare it with your other options before you buy.
A VirgoCX support article, published in 2021, lists Interac e-Transfer as free with no funding minimum. That article predates the 2025 switch to a non-custodial service, and I have not reconfirmed it since, so treat it as a starting point rather than a promise.
The coin count is not verified. What did change is the model: since April 4, 2025 VirgoCX no longer holds crypto for customers, so whatever you buy has to go to your own wallet.
VirgoCX is on the CSA list, but the entry is marked as subject to terms and conditions requiring wind-down of its registrable business. The company began going non-custodial on April 4, 2025, set a transition deadline of June 16, 2025, and force-sold assets remaining after that date. It now offers a non-custodial buy-and-sell service that it says is not offered under its securities dealer registration, and I could not confirm any securities-law investor protections for it. Its FINTRAC registrations are active (VirgoCX Inc. M19955733 to October 21, 2027; VirgoCX Direct Inc. M21010383 to November 22, 2026).
I could not verify an app-store rating for VirgoCX, so I will not quote one. Because custody ended in 2025, the day-to-day experience is now a buy-and-send flow, much closer to Beaver Bitcoin than to a full exchange.
VirgoCX: Pros And Cons
Pros
Interac funding listed as free (2021 article)
Active FINTRAC registrations
Non-custodial, so no exchange balance to lose
Cons
CSA entry carries wind-down terms
Fees and coin count could not be verified
No securities-law protections confirmed for the new service
Custodial accounts ended in 2025
Pick VirgoCX only if you already use it and are comfortable with a non-custodial buy-and-send flow. Most new buyers are better served by a platform with a clean registration record.
Is There Another Option Besides VirgoCX?
The status registry I keep for dead and departed platforms points Binance users to Kraken as the like-for-like replacement. Registered Restricted Dealer (Payward Canada) with a broad coin list and CAD Interac funding. Its regulation: cSA Restricted Dealer (Payward Canada Inc.), decision April 1, 2025. Its cost: kraken Pro 0.40% maker / 0.80% taker at the entry tier; Instant Buy 1% plus spread. Coins: about 490 (derived).
What Changed For Binance And VirgoCX In October 2026?
: The deadline for moving assets off VirgoCX custody. Assets remaining afterward were force-sold.
: VirgoCX began going non-custodial.
: The CSA issued an amended decision for VirgoCX, the one behind its wind-down terms.
: FINTRAC lists Binance Canada Capital Markets Inc. (M21783493) as ceased.
: Binance announces it is leaving the Canadian market.
Frequently Asked Questions
What Happened To Binance?
Binance left Canada in May 2023. On May 12, 2023 it announced that new Canadian securities rules made operating there untenable. Global News reported that the new rules covered stablecoins and crypto contracts, with a CAD 100 million escrow mentioned. A few weeks later, on May 30, 2023, the FINTRAC registry shows Binance Canada Capital Markets Inc. (M21783493) as ceased.
Can Canadians Still Use Binance?
No. Binance left Canada in May 2023 and is not available to Canadian residents.
What Should Binance Users Use Instead?
VirgoCX is the option on this page. People who want a non-custodial Canadian buy-and-sell service. Pick VirgoCX only if you already use it and are comfortable with a non-custodial buy-and-send flow. Most new buyers are better served by a platform with a clean registration record.
Is VirgoCX Safe For Canadians?
On the CSA list under terms requiring wind-down of its registrable business. VirgoCX is on the CSA list, but the entry is marked as subject to terms and conditions requiring wind-down of its registrable business. Crypto itself is not covered by CIPF, so keep long-term holdings in your own wallet.
How Much Does VirgoCX Cost?
Not verified (the official fee page blocked my checks).
Which Is Better For Canadians, Binance Or VirgoCX?
VirgoCX, because Binance left Canada in May 2023. Pick VirgoCX only if you already use it and are comfortable with a non-custodial buy-and-send flow. Most new buyers are better served by a platform with a clean registration record.
Do Binance And VirgoCX Have Limit Orders?
Binance: Yes globally, not for Canadians. VirgoCX: Not published.
Which Coins Can You Buy On Binance And VirgoCX?
Binance: Hundreds globally, none for Canadians VirgoCX: Not published (90+ advertised before 2025)
Is The Spread The Fee On Binance And VirgoCX?
Binance: No longer applicable. VirgoCX: Not verified; spreads of 0.95% to 1.6% were reported historically.
Does CIPF Cover My Crypto On Binance Or VirgoCX?
Binance: CIPF never covers crypto, and this platform no longer serves Canadians. VirgoCX: CIPF never covers crypto.
Are Binance And VirgoCX Available In Every Province?
Binance: No longer available in any province. VirgoCX: Not published.
Do Interac Deposits Work On Weekends On Binance And VirgoCX?
Binance: No longer applicable. VirgoCX: Not published.
What Is The Minimum Buy On Binance And VirgoCX?
Binance: No longer applicable. VirgoCX: Not published.
Can A Business Use Binance Or VirgoCX?
Binance: No longer applicable. VirgoCX: VirgoCX Wealth OTC existed; current status Not verified.
Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.
He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.
His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.
