Note: Neither platform is available to Canadians. ByBit exited the Canadian market on September 30, 2023, paid a roughly $2.5 million OSC penalty, and Canada remains on its restricted jurisdictions list. KuCoin is permanently banned from Ontario's capital markets and listed as a banned platform nationwide by the CSA since June 2022. This comparison is preserved for historical reference only.
In this comparison, we look at ByBit and KuCoin, two prominent cryptocurrency exchanges. ByBit focuses on user-friendly trading experiences with a huge altcoin selection. KuCoin stands out for its extensive altcoin offerings and low fees. Neither is available to Canadians in 2026.
Bybit Vs KuCoin: Which Is Better For Canadians?
Neither is an option for Canadians today. Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. KuCoin is on the CSA banned list after the Ontario Securities Commission ordered it permanently out of Ontario's markets in June 2022, and other provinces reciprocated. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
Bybit Vs KuCoin: Master Spec Table
Bybit
KuCoin
Winner
Company
Bybit, HQ Dubai. Canadian FINTRAC entity: Bybit Fintech (Canada) Limited. OSC settled with Bybit Fintech Limited on 2022-06-22. Founder and funding: Not published.
Banned entities: Mek Global Limited (Seychelles) and PhoenixFin Pte. Ltd. (Singapore). No Canadian entity. Founders and funding: Not published.
Depends
Regulation
FINTRAC MSB M20624645 (Bybit Fintech (Canada) Limited) Expired 2025-03-08. Not on the CSA authorized or banned list. OSC settlement 2022-06-22, USD 2,468,910 disgorged.
1,800+ coins globally, not for new Canadian accounts.
700+ coins globally, not for Canadians.
Depends
Price
Low fees on derivatives, roughly 3% on third-party card payments; schedule Not published. Not applicable.
Maker/taker from about 0.1% / 0.1%, VIP tiers, 20% off with KCS. Not for Canadians.
Depends
CAD In
No longer available to Canadians
No longer available to Canadians
Depends
CAD Out
No longer available to Canadians
No longer available to Canadians
Depends
Crypto In And Out
No longer available to Canadians
Free crypto deposits, variable withdrawal fees. Transfers from KuCoin to regulated Canadian exchanges may be blocked.
Depends
Custody
Cold storage and 2FA; proof of reserves published after the 2025 hack. No Canadian entity holds assets.
Hacked for $275M in 2020 (about $200M recovered). Not recognized in Canada; no recourse.
Depends
Verification (KYC)
No longer available to Canadians
No longer available to Canadians
Depends
Account Types
No longer available to Canadians
No longer available to Canadians
Depends
Provinces
No longer available to Canadians
Banned in Ontario and reciprocated elsewhere. KuCoin's terms (updated 2026-09-29) name Ontario and British Columbia as Restricted Locations, not all of Canada.
What Are The Key Differences Between Bybit And KuCoin?
Bybit Vs KuCoin: Side By Side
Bybit
KuCoin
Description
Bybit is a global exchange headquartered in Dubai, with over 1,800 cryptocurrencies. It exited the Canadian market in 2023 and has stayed unavailable to Canadians, with Canada on its restricted jurisdictions list. Its own Canada notice said it acted in light of recent regulatory development.
KuCoin is a Seychelles-based cryptocurrency exchange known for its huge altcoin selection, futures trading and trading bots, serving tens of millions of users worldwide. It is not available to Canadians: it is permanently banned from Ontario's capital markets, appears on the CSA's banned platform list, and its mandatory identity verification blocks Canadian sign-ups.
Coins
1,800+ crypto coins globally, none open to new Canadian accounts.
700+ coins globally, not accessible from Canada.
Fees
Low trading fees, especially on derivatives; roughly 3% card payment fees via third-party providers; no P2P fees; crypto withdrawal fees varied by coin. Not applicable to Canadians.
Low maker/taker trading fees starting around 0.1% and 0.1%, decreasing with VIP level. Free crypto deposits, variable withdrawal fees. KCS holders got a 20% discount on trading fees.
Pros
Huge coin selection
Staking, lending and Earn products
OTC desk
Copy trading and trading bots
Low trading fees
Covered 100% of user losses after its 2025 hack, restoring reserves within 72 hours
Huge range of altcoins
Advanced order types, futures, lending and trading bots
Low fees
Licensed in some regions (MiCA in the EU via Austria, AUSTRAC in Australia)
None of this is available to Canadians
Cons
Not available in Canada since 2023, with no return in sight
Suffered the largest crypto hack in history in February 2025 (about $1.5 billion in ETH stolen)
Mandatory KYC since 2023, so the old no-verification signup no longer exists
Advanced platform can be confusing for beginners
No CAD support, only card payments or third-party on-ramps for fiat
Permanently banned from Ontario's capital markets with about CAD 2 million in penalties, a ruling reciprocated across Canada
Mandatory KYC since July 2023 ended anonymous trading
Warning: using a VPN to get around the block violates KuCoin's terms, and KuCoin can freeze accounts and withhold funds from users dodging geo-blocks
Hacked for $275 million in 2020
Guilty plea in the US with about $297 million in penalties
Regulated Canadian exchanges have blocked incoming transfers from KuCoin
Security
Cold storage for assets and 2FA. Proof of Reserves published after the 2025 incident.
$275 million was stolen in the 2020 hack attributed to North Korean hackers, with around $200 million later recovered. 2FA available, mandatory KYC and tightened compliance since 2023.
Methods To Buy
Canadians cannot buy crypto on Bybit. Account creation requires full identity verification tied to your ID country, so VPN workarounds do not work and risk frozen funds. Elsewhere funding was via third-party card providers such as Banxa or MoonPay, crypto deposits and a P2P marketplace.
Canadians cannot buy crypto on KuCoin. Verification requires ID from a supported country, and Canada is not one. Legacy users should withdraw, but transfers arriving directly at regulated Canadian exchanges from KuCoin may be blocked, so route through your own wallet first.
App
A well-rated app exists in supported countries but is inaccessible to Canadians.
The app works in supported countries but is inaccessible to Canadians.
Account Limits
Not applicable. Legacy Canadian accounts were set to withdrawal-only; elsewhere withdrawal limits depend on KYC level, starting around 20,000 USDT per day for basic accounts.
Not applicable for Canadians. Elsewhere limits depend on KYC tier; unverified legacy accounts can only sell or withdraw.
How Do You Fund And Cash Out Bybit And KuCoin In Canada?
Legacy Canadian accounts are withdrawal-only. No current funding methods. No funding for Canadians. Legacy users can only withdraw.
What Do Bybit And KuCoin Offer Beyond Buying And Selling?
Bybit Only
Derivatives, copy trading, Earn (historic): Bybit offered derivatives, copy trading bots, staking, lending and an OTC desk globally. Canadian retail access ended in 2023.
KuCoin Only
Futures, lending and trading bots (historic): KuCoin offered futures, lending and bots globally. Not available to Canadians.
What Happens To Your Money If Bybit Or KuCoin Fails?
Bybit: Bybit has no Canadian registration or recognition, so no Canadian regulator stands behind a balance there. If you still hold funds, withdraw them to a wallet you control; Canadian accounts were set to withdrawal-only. Bybit's February 2025 hack, which it covered in full, shows the platform risk even outside Canada. VPN use breaks its terms and can freeze funds.
KuCoin: KuCoin is banned by Canadian regulators, so there is no registered Canadian entity, no CIPF cover and no complaint route that gets your money back. If you hold funds, withdraw to a wallet you control before sending anywhere else, because transfers straight to Canadian exchanges may be blocked. Warning: using a VPN violates its terms and can freeze your account. It was also hacked for $275 million in 2020.
How Are Bybit And KuCoin Treated For Tax In Canada?
Bybit: Trades on Bybit were dispositions for CRA purposes. Export your history while withdrawal access lasts. Export formats: Not published.
KuCoin: Trades on KuCoin were dispositions for CRA purposes. Export your history now. Export formats: 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, Bybit Or KuCoin?
Choose Bybit 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 KuCoin 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.
What Happened To Bybit?
Bybit left Canada in 2023. It stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. Bybit's own notice cited "recent regulatory development" under Canadian CSA rules.
The Ontario Securities Commission had already settled with Bybit Fintech Limited on June 22, 2022, with USD 2,468,910 disgorged. Its Canadian money services business registration (Bybit Fintech (Canada) Limited) shows as expired on March 8, 2025, and Bybit sits on neither the CSA authorized list nor the banned list.
Bybit Status Record
Item
Detail
Status
Left Canada in 2023
Last dates
May 31, July 31 and September 30, 2023
Regulatory record
OSC settlement of June 22, 2022; FINTRAC registration expired March 8, 2025
Return announced
No
What Happened To KuCoin?
KuCoin is on the CSA banned list after the Ontario Securities Commission ordered it permanently out of Ontario's markets in June 2022, and other provinces reciprocated.
The OSC decision of June 21, 2022 carries a CAD 2,000,000 administrative penalty and CAD 96,550.35 in costs. The banned entities are Mek Global Limited (Seychelles) and PhoenixFin Pte. Ltd. (Singapore). KuCoin's terms of use, updated September 29, 2026, list Ontario and British Columbia among restricted locations without naming all of Canada, which does not make it allowed anywhere in the country.
KuCoin Status Record
Item
Detail
Status
On the CSA banned list
Decision
OSC, June 21, 2022
Penalty
CAD 2,000,000 plus CAD 96,550.35 costs
Entities
Mek Global Limited, PhoenixFin Pte. Ltd.
What Should Bybit And KuCoin Users Use Instead?
Neither side of this matchup is a usable choice for new Canadian buyers, so the real question is which registered platform replaces them. These are the picks from my status research.
For Bybit users, the closest replacement is Kraken. Kraken is a registered Canadian dealer with a wide altcoin list. Bybit-style derivatives are not available to Canadian retail anywhere.
For KuCoin users, the closest replacement is Kraken. Kraken is a registered Canadian dealer with wide coin choice, versus a platform Canadian regulators have banned.
Registered Options Compared
Platform
Status
Fees
CAD Funding
Coins
Kraken
CSA-registered Restricted Dealer
Kraken Pro 0.40% maker / 0.80% taker; Instant Buy 1%
Free Interac e-Transfer deposits
About 490 (derived)
Kraken: Fees, Funding And Safety
Kraken Pro starts at 0.40% maker and 0.80% taker at the entry tier and drops to 0.30% and 0.60% from CAD 2,500 of 30-day volume. Instant Buy and recurring buys cost 1% plus a spread, and custom orders cost 1.5%.
Interac e-Transfer deposits are free (minimum CAD 5, up to CAD 10,000 per transaction). Withdrawing by Interac costs CAD 10. Wire deposits are free, with an intermediary bank fee noted at 13.74. Kraken publishes no Canadian coin count. Taking its public pair list and removing the tickers its own Canada restrictions page bars gives roughly 490, which is a derived figure, not an official one.
Payward Canada Inc. (Kraken) is a CSA Restricted Dealer (decision of April 1, 2025) and a FINTRAC-registered money services business. It is not a CIRO member. Its Proof of Reserves snapshot of June 30, 2026 showed reserve ratios of 102.9% for BTC and 100.5% for ETH. Canadians cannot use margin or derivatives on Kraken.
It suits someone who wants a wide coin list and cheaper trading on Kraken Pro once past the first purchase.
Kraken: someone who wants a wide coin list and cheaper trading on Kraken Pro once past the first purchase.
If you are still deciding, my 60-second quiz narrows it down, and my full ranking shows all ten picks with scores.
How Can You Check Whether An Exchange Is Allowed In Canada?
Do it before you deposit a dollar, because the status of a platform can change in months. Four checks take about ten minutes.
Look for the platform on the CSA list of crypto platforms authorized to do business with Canadians.
Search the CSA banned crypto platforms list, which includes entities ordered out by the Ontario Securities Commission and reciprocated by other provinces.
Search the FINTRAC money services business registry for the legal entity, and read the status column, because "Expired", "Ceased" and "Revoked" all mean the registration is gone.
Read the platform's own terms for a list of restricted locations. If Canada, or your province, is named, you are not allowed to use it, and a registered regulator cannot help you if something goes wrong.
Registration is also not the same as insurance. Crypto held at any Canadian platform is not covered by CIPF, so a registered dealer lowers the risk but does not remove it.
What Changed For Bybit Vs KuCoin In October 2026?
: KuCoin updated its terms of use, which list Ontario and British Columbia among restricted locations.
: The date Bybit set for liquidating remaining Canadian positions.
: The OSC ordered KuCoin's entities permanently out of Ontario's markets.
Frequently Asked Questions
Can Canadians Still Use Bybit In 2026?
No. Bybit stopped opening Canadian accounts on May 31, 2023 and ended new deposits and contracts on July 31, 2023. It is not on the CSA authorized list, so there is nothing to sign up for.
Is KuCoin Banned In Canada?
Yes. KuCoin is on the CSA banned list after the Ontario Securities Commission's June 21, 2022 decision, which other provinces and territories reciprocated.
Which Is Better For Canadians, Bybit Or KuCoin?
Neither is a good choice for a new Canadian buyer in 2026. Use a registered platform from my ranking instead; Kraken is the closest match for Bybit users.
What Does Kraken Cost?
Kraken Pro starts at 0.40% maker and 0.80% taker at the entry tier and drops to 0.30% and 0.60% from CAD 2,500 of 30-day volume. Instant Buy and recurring buys cost 1% plus a spread, and custom orders cost 1.5%.
How Do I Check If A Crypto Exchange Is Registered In Canada?
Check the CSA authorized list and the CSA banned list, search the FINTRAC money services business registry for the legal entity, and read the platform's own terms for restricted locations. Treat "Expired", "Ceased" and "Revoked" as meaning the registration is gone.
Do Bybit And KuCoin Have Limit Orders?
Bybit: Yes globally, not for Canadians. KuCoin: Yes globally, not for Canadians.
Which Coins Can You Buy On Bybit And KuCoin?
Bybit: 1,800+ globally, none for new Canadians KuCoin: 700+ globally, none for Canadians
Is The Spread The Fee On Bybit And KuCoin?
Bybit: No longer applicable. KuCoin: No longer applicable.
Does CIPF Cover My Crypto On Bybit Or KuCoin?
Bybit: CIPF never covers crypto, and this platform no longer serves Canadians. KuCoin: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Bybit And KuCoin Available In Every Province?
Bybit: No longer available in any province. KuCoin: Banned in Ontario and reciprocated across Canada.
Do Interac Deposits Work On Weekends On Bybit And KuCoin?
Bybit: No longer applicable. KuCoin: No longer applicable.
What Is The Minimum Buy On Bybit And KuCoin?
Bybit: No longer applicable. KuCoin: No longer applicable.
Can A Business Use Bybit Or KuCoin?
Bybit: No longer applicable. KuCoin: No longer applicable.
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.
