KuCoin and BitMEX are quite popular choices for traders globally, but neither is available to Canadians. KuCoin is permanently banned from Ontario’s capital markets and appears on the CSA’s banned platform list nationwide. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023. Neither platform is recommended for Canadian users. If you are looking for exchanges that legally serve Canadians, check our best cryptocurrency exchanges for Canadians.
KuCoin Vs BitMEX: Which Is Better For Canadians?
Neither is an option for Canadians today. 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. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Not registered in Canada. No FINTRAC, CSA or CIRO entry found as of 2026-10-02.
Tie
Assets
700+ coins globally, not for Canadians.
Perpetual and futures contracts only; no spot. Not available to Canadians.
Depends
Price
Maker/taker from about 0.1% / 0.1%, VIP tiers, 20% off with KCS. Not for Canadians.
Tiered maker/taker fees on derivatives, rates Not published. Closed.
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
Free crypto deposits, variable withdrawal fees. Transfers from KuCoin to regulated Canadian exchanges may be blocked.
Crypto-only funding; website withdrawals stay open, API withdrawals ended 2026-09-28, monthly fee on balances, per CoinDesk.
Depends
Custody
Hacked for $275M in 2020 (about $200M recovered). Not recognized in Canada; no recourse.
All BTC in cold storage with multi-signature wallets, per BitMEX's old claims. Operator wound down trading; withdrawals only.
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
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 KuCoin And BitMEX?
KuCoin Vs BitMEX: Side By Side
KuCoin
BitMEX
Description
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.
BitMEX was a veteran crypto derivatives exchange offering futures and perpetual contracts with up to 100x leverage. You could not deposit fiat, only crypto, and it was aimed at experienced traders. Canada was a restricted jurisdiction in BitMEX's terms before closing, and the exchange ceased all operations on 2026-09-23.
Coins
700+ coins globally, not accessible from Canada.
Perpetual and futures contracts on major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano and Avalanche. None were accessible from Canada.
Fees
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.
Free crypto deposits and free BTC withdrawals (network fees could apply on other assets). Low, tiered maker/taker fees on derivatives. Balances now face a monthly fee, per CoinDesk.
Pros
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
Deep derivatives liquidity and one of the longest track records in crypto futures
Low, tiered maker/taker fees
Advanced order types
Handy leverage slider for adjusting risk per trade
Cons
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
Closed on 2026-09-23
Canada was a restricted jurisdiction before closure
Not suitable for simply buying crypto, no fiat deposits
Only suitable for traders who understood contract trading
Checkered regulatory history in the US
Security
$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.
All BTC held in cold storage, multi-signature wallets, withdrawals audited by hand by BitMEX employees, 2FA. Never hacked in over a decade of operation, per our old row.
Methods To Buy
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.
Canadians could not use BitMEX. Funding was crypto only (BTC, USDT and other supported assets), with no fiat rails.
App
The app works in supported countries but is inaccessible to Canadians.
BitMEX had iOS and Android apps, inaccessible to Canadians and now closed.
Account Limits
Not applicable for Canadians. Elsewhere limits depend on KYC tier; unverified legacy accounts can only sell or withdraw.
Not applicable. Full KYC was required before trading elsewhere.
How Do You Fund And Cash Out KuCoin And BitMEX In Canada?
BitMEX: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Crypto withdrawal via website
Not published
Not published
Not published
Not published
No funding for Canadians. Legacy users can only withdraw. BitMEX never accepted fiat.
What Do KuCoin And BitMEX Offer Beyond Buying And Selling?
KuCoin Only
Futures, lending and trading bots (historic): KuCoin offered futures, lending and bots globally. Not available to Canadians.
BitMEX Only
Futures and perpetual contracts (closed): Up to 100x leverage on crypto derivatives. Trading ceased 2026-09-23.
What Happens To Your Money If KuCoin Or BitMEX Fails?
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.
BitMEX: BitMEX says it closed by owner decision after a business review and that it is unrelated to legal or regulatory issues, per CoinDesk. If you still have a balance, withdraw through the website, since API withdrawals ended on 2026-09-28 and balances face a monthly fee. No Canadian regulator covers BitMEX, so there is no compensation scheme for crypto left behind.
How Are KuCoin And BitMEX Treated For Tax In Canada?
KuCoin: Trades on KuCoin were dispositions for CRA purposes. Export your history now. Export formats: Not published.
BitMEX: Derivative gains and losses on BitMEX were taxable for CRA purposes. Export your trade and wallet 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, KuCoin Or BitMEX?
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.
Choose BitMEX 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 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 named Mek Global Limited (Seychelles) and PhoenixFin Pte. Ltd. (Singapore). It imposed a permanent ban on market participation, a CAD 2,000,000 administrative penalty and CAD 96,550.35 in costs, and other provinces and territories reciprocated.
I found no KuCoin or Mek Global entry in the FINTRAC registry when I checked on October 2, 2026. KuCoin's own Terms of Use, updated September 29, 2026, list Ontario and British Columbia among restricted locations, though they do not name all of Canada.
The registry has no official instruction for people who still hold funds there. I would not deposit more, and I would not try to get around the ban: any workaround breaches KuCoin's own rules and leaves you with no Canadian regulator to complain to. Contact KuCoin support directly about getting your balance out.
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain.
BitMEX's own legal page says it ceased trading on September 23, 2026. The operator was HDR Global Trading Limited (Seychelles). According to CoinDesk, withdrawals through the website stay open, API withdrawals ended September 28, and balances face a monthly fee.
CoinDesk reports the owner decided to close after a business review, and BitMEX says it is unrelated to legal or regulatory issues. Canada was already a restricted jurisdiction in BitMEX's terms before it closed.
If you still have a balance, use the website withdrawal route, since API withdrawals have ended and balances face a monthly fee. Move the coins to a wallet you control or to a registered Canadian platform.
What Should KuCoin And BitMEX Users Use Instead?
Neither platform is an option, so here are the registered alternatives I point people to, with what I can verify about each.
Kraken: Beginners who want to learn, then cheaper trading on Kraken Pro. It is a registered Canadian dealer with a wide coin choice, which is the sensible replacement here.
Kraken At A Glance
Item
Detail
Regulator
Restricted Dealer with the OSC and every provincial and territorial regulator (Payward Canada Inc., CSA decision April 1, 2025), FINTRAC MSB M19343731. Not a CIRO member.
Trading Cost
Kraken Pro starts at 0.40% maker and 0.80% taker for the first tier, dropping to 0.30% and 0.60% from USD 2,500 of 30-day volume and 0.22% and 0.38% from USD 10,000.
CAD Funding
Free Interac e-Transfer deposits
Coins
About 498 tickers (derived)
Best For
Beginners who want to learn, then cheaper trading on Kraken Pro
How Do KuCoin And BitMEX Compare On Fees, Funding, And Coins?
KuCoin Vs BitMEX, Verified Facts
Item
KuCoin
BitMEX
Status
Banned by the CSA; nothing available to Canadians
Closed; withdrawals only
Trading Fees
None available
None available
CAD Funding
None available
None available
Coins
None available
None available
KuCoin, in the past tense: Nothing KuCoin offered has been available to Canadians under Canadian law since the ban, and I do not publish old fee or coin numbers for it.
BitMEX, in the past tense: BitMEX was a derivatives exchange. It is closed, so there is no current fee, coin or product to compare.
Which Is Safer?
KuCoin. KuCoin is on the CSA banned list. That is the whole safety story for a Canadian, because there is no registered Canadian entity, no CIRO oversight, and no FINTRAC MSB entry that I could find.
BitMEX. With trading ended and withdrawals only, the question is no longer safety of trading but getting your balance out in time.
Who Should Choose KuCoin, And Who Should Choose BitMEX?
Nobody opening a new account in Canada should choose KuCoin. Status: banned by the csa; nothing available to canadians. Existing customers should follow the withdrawal guidance above.
Nobody opening a new account in Canada should choose BitMEX. Status: closed; withdrawals only. Existing customers should follow the withdrawal guidance above.
What Changed For KuCoin And BitMEX In October 2026?
KuCoin updated its Terms of Use, which still list Ontario and British Columbia among restricted locations.
Kraken republished its fee schedule page, which shows the Pro spot entry tier at 0.40% maker and 0.80% taker.
BitMEX ended API withdrawals, per CoinDesk. Website withdrawals remain open.
BitMEX ceased trading after 11 years, according to its legal page and CoinDesk.
Kraken's Canadian entity received its CSA Restricted Dealer decision and announced free Interac e-Transfer deposits.
The OSC ordered KuCoin's operators permanently out of Ontario's capital markets, with a CAD 2,000,000 penalty.
Frequently Asked Questions
Is KuCoin Available In Canada?
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.
What Should I Use Instead Of KuCoin?
Kraken is the closest fit I can verify. Beginners who want to learn, then cheaper trading on Kraken Pro.
Is BitMEX Available In Canada?
BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain.
What Should I Use Instead Of BitMEX?
Kraken is the closest fit I can verify. Beginners who want to learn, then cheaper trading on Kraken Pro.
Can I Still Get My Money Out Of KuCoin?
The registry has no official instruction for people who still hold funds there. I would not deposit more, and I would not try to get around the ban: any workaround breaches KuCoin's own rules and leaves you with no Canadian regulator to complain to. Contact KuCoin support directly about getting your balance out.
Do KuCoin And BitMEX Have Limit Orders?
KuCoin: Yes globally, not for Canadians. BitMEX: Yes globally, closed.
Which Coins Can You Buy On KuCoin And BitMEX?
KuCoin: 700+ globally, none for Canadians BitMEX: Derivatives only, closed
Is The Spread The Fee On KuCoin And BitMEX?
KuCoin: No longer applicable. BitMEX: No longer applicable.
Does CIPF Cover My Crypto On KuCoin Or BitMEX?
KuCoin: CIPF never covers crypto, and this platform no longer serves Canadians. BitMEX: CIPF never covers crypto, and this platform no longer serves Canadians.
Are KuCoin And BitMEX Available In Every Province?
KuCoin: Banned in Ontario and reciprocated across Canada. BitMEX: No longer available in any province.
Do Interac Deposits Work On Weekends On KuCoin And BitMEX?
KuCoin: No longer applicable. BitMEX: No longer applicable.
What Is The Minimum Buy On KuCoin And BitMEX?
KuCoin: No longer applicable. BitMEX: No longer applicable.
Can A Business Use KuCoin Or BitMEX?
KuCoin: No longer applicable. BitMEX: 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.
