Only a few exchanges are formally banned in Canada, but many more have left, closed or restrict Canadians in their own terms. The CSA's banned list names KuCoin (OSC decision of June 21, 2022) and Poloniex (OSC decision of October 27, 2022), with other provinces reciprocating. Binance, Bybit and Uphold left the country, BitMEX and Bittrex closed, and platforms like BloFin, MEXC and Bitget name Canada as a prohibited location in their terms. Using any of them is a risk you carry alone.
- Banned by regulators: KuCoin, Poloniex
- Left Canada: Binance (2023), Bybit (2023), Uphold (2025)
- Closed: BitMEX (Sept 23, 2026), Bittrex (Dec 4, 2023), Coinfield
- Safer alternatives: Coinbase, Kraken, Wealthsimple Crypto
“Banned” gets used loosely online, so here is the precise version. Crypto itself is not illegal in Canada. What the securities regulators control is which trading platforms may serve Canadians, and what they can do when a platform refuses to register. I check every exchange against the CSA lists and its own terms before I rank it, and this page is the result for the names I get asked about most.
| Platform | Status | Date | What Happened |
|---|---|---|---|
| KuCoin | Banned | 2022-06-21 | The Ontario Securities Commission ordered KuCoin permanently out of Ontario's markets and other provinces reciprocated. It is on the CSA banned list. |
| Poloniex | Banned | 2022-10-27 | An Ontario Securities Commission decision, reciprocated by other provinces. On the CSA banned list. |
| Binance | Left Canada | 2023-05-12 | Announced it could not operate under the new securities rules. Its Canadian MSB registration ceased May 30, 2023. |
| Bybit | Left Canada | 2023-05-31 | Stopped opening Canadian accounts May 31, ended new deposits July 31, liquidated remaining positions September 30, 2023. OSC settlement was June 22, 2022. |
| Uphold | Left Canada | 2025-06-11 | Stopped supporting accounts for Canadian residents; withdrawal deadline September 8, 2025. |
| BitMEX | Closed | 2026-09-23 | Shut down its exchange worldwide. Only withdrawals remain. |
| Bittrex | Closed | 2023-12-04 | Stopped serving Canadians July 28, 2022 and ended all trading worldwide December 4, 2023. |
| Coinfield | Closed | 2025-01-30 | Shut down in 2023. In January 2025 Ontario's Capital Markets Tribunal permanently banned its operators and ordered a CAD 2.4 million penalty. |
| Bitget | Offshore | Terms read 2026-10-02 | Names Canada as a prohibited country in its Terms of Use. |
| Gate.io | Offshore | Terms read 2026-10-02 | Lists Canada as a restricted location in its user agreement. |
| BloFin, MEXC, Bitunix | Offshore | Checked 2026-10-01 | Each names Canada as prohibited in its own terms. Not registered with the CSA. |
Sources: CSA banned list (last refreshed September 18, 2024), CSA authorized list (updated September 18, 2026), OSC and Tribunal releases, company notices. Checked October 2, 2026.
Which Cryptocurrency Exchanges Are Legal In Canada?
The ones on the CSA's list of crypto platforms authorized to do business with Canadians. From my ranking that means Coinbase, Kraken, Wealthsimple Crypto, Newton and NDAX, plus Shakepay, Crypto.com and Netcoins. Bull Bitcoin and Bitcoin Well are not on the CSA list but are FINTRAC-registered money services businesses that deliver bitcoin to your own wallet. FINTRAC registration is about anti-money-laundering, not securities rules, and is a weaker form of protection. My full ranking shows which is which.
Is Crypto Trading Illegal In Canada?
No. You can buy, hold, sell and trade crypto lawfully. The CRA treats it as a commodity for tax, and platforms serving you must register as money services businesses with FINTRAC. What can be illegal is operating a trading platform for Canadians without registering, which is what the regulators have enforced against. Individual users are not the targets of bans.
What Happens If You Already Use A Banned Or Departed Exchange?
Withdraw first, ask questions later. For departed platforms the withdrawal windows are mostly closed, so contact support and keep every email. For offshore exchanges that name Canada as prohibited, the risk is account freezing: they can close your account when they detect a Canadian address, and you would have no Canadian regulator to appeal to. I do not give advice on hiding your location, and a VPN violates those terms and raises the risk of a frozen account. If you lose money on an unregistered platform, my guide on common scams and the lost-crypto recovery page cover what to report and to whom.
Can The CRA Track Crypto Wallets?
The CRA can request records from Canadian platforms, and FINTRAC rules require registered money services businesses to report large virtual currency transactions of $10,000 or more and to verify identity at $1,000. It does not see a wallet you hold privately unless you disclose it, but you still must report gains. I explain what the government can and cannot see in this FAQ.
What Is The Safest Way To Buy Crypto In Canada?
Use a CSA-registered platform, fund it by Interac e-Transfer, turn on two-factor authentication, and move long-term holdings to a wallet you control. Wealthsimple Crypto and Coinbase are the two I point beginners to first. Compare them in the Coinbase review and the Wealthsimple review.
| Exchange | Status | Link |
|---|---|---|
| Coinbase | CSA-registered | Visit Coinbase |
| Kraken | CSA-registered | Visit Kraken |
| Wealthsimple Crypto | CSA-registered | Visit Wealthsimple |
| Newton | CSA-registered | Visit Newton |
What Is The Difference Between Banned, Left And Offshore?
| Kind | Meaning | Example | What It Means For You |
|---|---|---|---|
| Banned | A securities regulator ordered the platform out and other provinces reciprocated; listed on the CSA banned page | KuCoin, Poloniex | Do not use it. Withdraw anything left |
| Left Canada | The company chose to stop serving Canadians, usually after new rules | Binance, Bybit, Uphold | Not available; check for any wind-down notices |
| Closed or merged | The platform shut down or its customers moved to another firm | BitMEX, Bittrex, Coinfield, Bitvo | History only; accounts may have moved |
| Offshore, terms prohibit Canada | Not registered with the CSA, and its own terms restrict Canadians | BloFin, MEXC, Bitget, Gate.io | You can sometimes sign up, but you have no Canadian protection and risk a frozen account |
These categories matter because they carry different risks. A banned platform has been the subject of a regulatory decision. A departed platform has simply gone. An offshore platform is the trickiest, because it may work today and then close your account tomorrow when it notices your address. The status registry I keep records the date and reason for each, which is why the table above has specific dates rather than “years ago.”
What Happened To Coinfield, And Why Does The Tribunal Decision Matter?
Coinfield shut down in 2023, and in January 2025 Ontario's Capital Markets Tribunal permanently banned its operators and ordered a CAD 2.4 million penalty. The exact shutdown date is not something I could verify. It matters because it shows that regulators pursue operators after a platform disappears. It does not return customers' money, which is the lesson most people miss: a penalty is not a refund.
What About Bitbuy, Coinberry And CoinSmart?
They are not banned and they did not leave. They merged. WonderFi bought Coinberry (announced July 21, 2023), Bitvo (acquisition closed in November 2023) and CoinSmart's client accounts (announced September 8, 2023), and moved them to Bitbuy. Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood. I do not recommend any of them for a new account. For the history, see my Coinsquare review, which has the full Robinhood timeline.
How Do Regulators Decide Which Platforms Are Allowed?
Canadian securities regulators require platforms that trade crypto with Canadians to register or to commit to registering through pre-registration undertakings. The CSA keeps three public pages for this: the authorized list, the banned list and a list of expired decisions, plus one for crypto undertakings. A platform on the authorized list has a decision date next to its name, which tells you how recently its status was set. For example, Kraken's latest decision is April 1, 2025, NDAX's is December 19, 2024 and Wealthsimple's amended decision is December 22, 2025. I check those dates rather than marketing claims, and I have caught claims of newer amendments that do not exist on the list.
What Should You Look For In A Safer Exchange?
- Is the legal entity on the CSA authorized list, and when was its latest decision?
- Is it a CIRO member? Wealthsimple, Newton, NDAX and Shakepay are; Coinbase and Kraken operate as Restricted Dealers.
- Is it registered with FINTRAC under a name you can search?
- Does it publish proof of reserves or custody details? Kraken publishes proof-of-reserves snapshots, for example.
- Does it explain what is and is not covered? Cash at CIPF members is covered up to a limit; crypto is not.
My full ranking puts each of these facts in one table, and the Kraken review shows what the Restricted Dealer category means in practice.
What Changed For Banned And Departed Exchanges In October 2026?
- BitMEX closed its exchange; only withdrawals remain.
- Robinhood closed its WonderFi acquisition, folding Bitbuy, Coinsquare and Bitcoin.ca customers into its app.
- Uphold stopped supporting Canadian residents; the withdrawal deadline was September 8, 2025.
- Ontario's Capital Markets Tribunal permanently banned Coinfield's operators with a CAD 2.4 million penalty.
Frequently Asked Questions
Is KuCoin Banned In Canada?
Yes. KuCoin is on the CSA banned list after the Ontario Securities Commission ordered it permanently out of Ontario's markets on June 21, 2022, and other provinces reciprocated.
Is Binance Banned In Canada?
Binance is not on the banned list, but it left Canada in May 2023 after announcing on May 12 that the new securities rules made operating there untenable.
Which Cryptocurrency Exchanges Are Legal In Canada?
Platforms on the CSA authorized list, including Coinbase, Kraken, Wealthsimple Crypto, Newton and NDAX. Bull Bitcoin and Bitcoin Well are FINTRAC-registered but not on the CSA list.
Is Crypto Trading Illegal In Canada?
No. Individuals can buy, hold and trade crypto. The enforcement targets platforms that serve Canadians without registering.
Can CRA Track Crypto Wallets?
The CRA can request records from platforms, and FINTRAC-registered businesses report $10,000 or more virtual currency transactions. A wallet you hold privately is not visible to them unless disclosed, but gains are still reportable.
Is BitMEX Still Available In Canada?
No. BitMEX shut down its exchange on September 23, 2026, so no one can trade there and only withdrawals remain.
What Is The Safest Crypto App In Canada?
A CSA-registered one. Coinbase is my top pick, followed by Kraken and Wealthsimple Crypto.
Are Bitbuy, Coinberry And CoinSmart Banned In Canada?
No. They merged: Coinberry and CoinSmart accounts moved to Bitbuy, Bitvo was bought by Bitbuy, and Bitbuy accounts were moved to Coinsquare Capital Markets in May 2024. Robinhood closed its WonderFi purchase on June 1, 2026.