OKX crypto exchange is not working in Canada due to new regulatory requirements introduced by Canadian authorities. On March 20, 2023, OKX announced it would stop offering services to Canadian users starting March 24, 2023, because of these changes.
The exchange asked its Canadian customers to close their trading positions and withdraw their funds by June 22. This move is similar to actions taken by other exchanges like Bittrex Global in July 2022, which also left Canada citing regulatory challenges.
OKX has called its exit “temporary” and is seeking to work with Canadian regulators to resolve the issues. The company hopes to return to Canada in the future. This situation came after the Canadian Securities Administrators (CSA) demanded crypto exchanges to sign new agreements while waiting for official registration. This includes rules against buying or depositing certain digital assets, like stablecoins, without CSA’s approval. As of September 19th, OKX is still not available in Canada.
All crypto exchanges must now register with Canadian regulators before they can operate in the country. This follows incidents where exchanges ByBit and KuCoin were fined for not complying with Canadian regulations. These measures show Canada’s effort to control the crypto market to protect investors, indicating a move towards a safer and more regulated cryptocurrency environment in the country.
Best Alternatives for OKX Crypto Exchange in Canada
1. Bitget
Bitget stands out as a fully legal option for Canadian users, except for those in Alberta. It offers the most extensive selection of altcoins available for the Canadian market, coupled with the cheapest fees, making it an attractive choice for traders seeking diversity and cost-efficiency in their trading operations.
2. Coinbase
Unlike OKX, Coinbase has chosen to comply with Canadian regulators’ rules, ensuring its continued availability in Canada. It is probably the most trusted crypto brand globally, renowned for its security and reliability. However, it’s worth noting that trading fees on Coinbase are a bit higher compared to some competitors (3.99% buy fee), which could be a trade-off for its trustworthiness and robust regulatory compliance.
3. BitBuy
As a Canada-based crypto exchange, BitBuy is a leading platform in the Canadian crypto landscape. It offers free e-transfer deposits and relatively low trading fees, making it an economical choice for Canadian users. BitBuy generates most of its revenue from a 1.5% withdrawal fee, which is something users should consider when planning their trading and withdrawal strategies.