Best Crypto Interest Accounts In Canada After The Celsius And BlockFi Collapses

Rates are as published by each platform when I checked on October 1 to 2, 2026. They change, and staking rates are estimates, not guarantees.

What Happened To Celsius And BlockFi?

Celsius paused withdrawals on June 13, 2022 and filed for Chapter 11 on July 13, 2022, and BlockFi filed for Chapter 11 on November 28, 2022. Both were centralized lenders that took customer coins, promised yield and lent them out. When prices fell and borrowers could not repay, customers found out they were unsecured creditors. I cover the Celsius timeline in my Celsius review. The CSA described the same wave in its own words: its Staff Notice 21-332, published February 22, 2023, was a response to the insolvencies of Voyager Digital, Celsius Network, the FTX group, BlockFi and Genesis Global.

Canadians were exposed too. Many held interest accounts through platforms that were never registered here. That is why I treat "interest on crypto" as a different product class from staking on a registered exchange.

How Did Canada's Rules Change After The Collapses?

The CSA's enhanced pre-registration undertaking, introduced in Staff Notice 21-332, bars a platform from offering margin, credit or other leverage to any client in connection with crypto trading. It also requires platforms to hold Canadian clients' assets with an appropriate custodian and segregate them from the platform's own business, and it requires CSA consent before clients buy or deposit stablecoins. In 2024, the CSA's stablecoin terms followed, which is why USDC remains available while USDT, DAI and RAI were delisted for Canadians on registered platforms. In plain terms: registered Canadian platforms cannot rehypothecate your coins into a lending book the way Celsius did.

What Is A Crypto Loan And How Does It Work?

A crypto loan lets you borrow cash or stablecoins against coins you hold, without selling them. You deposit Bitcoin as collateral, borrow a fraction of its value, pay interest and get the coins back when you repay. The danger is liquidation. If the coin's price falls far enough, the lender sells your collateral.

My arithmetic for illustration. Every lender sets its own liquidation levels, so read the terms before borrowing.

Ledn publishes loan rates from 9.25% to 11.49% APR depending on loan size, and says it publishes a monthly proof-of-reserves attestation, the latest dated September 1, 2026, showing 100% of Bitcoin collateral in custody. Treat that as the company's claim. Its footer names a Cayman Islands virtual asset service provider registration, and I could not confirm a Canadian securities registration, so check the CSA list yourself before depositing. My page on Bitcoin mortgages in Canada covers how borrowing against crypto interacts with mortgages.

Is Staking The Same As A Crypto Interest Account?

No. In staking you help secure a proof-of-stake network and receive rewards in the same coin. The yield comes from the protocol, not from a borrower. The platform takes a cut, 35% at Coinbase, 20% at NDAX and 30% or 15% at Wealthsimple, and your coins can be locked while unstaking. An interest account lends your coins out. That is where the credit risk lives. Read my what is crypto staking explainer, and the staking and taxes guide.

What Should You Check Before Earning Yield On Crypto?

1. Registration. Is the platform on the CSA authorized list, and is it the entity you are dealing with?
2. Where the yield comes from. Protocol rewards are one thing. Lending your coins to unnamed borrowers is another.
3. Custody. Does the platform say your assets are segregated and held with a custodian?
4. Lock-ups and withdrawal terms. Can you get out in a bad week?
5. The fee cut. A 10% headline rate with a 35% commission is a 6.5% payout before price risk.
6. The tax. Rewards are income when credited.

How Is Crypto Interest Taxed In Canada?

The CRA says staking rewards on a centralized exchange are generally income when credited to your account on the platform, and that mining is usually business income. Interest paid on a crypto or cash balance is income to you in the year you receive it, in the same way as interest at a bank. A later sale of the coins can add a separate capital gain or loss. I did not find a CRA page saying that borrowing against crypto is itself a sale, so I will not claim either way, and I would ask an accountant before taking a large loan. My worked tax examples show how the numbers land.

Which Crypto Earn Option Do I Recommend?

For most people, none of the loan products. If you hold coins you do not plan to sell, staking on a registered platform is the lowest-risk way to earn, and I would start with Coinbase (my number one at 9.9) for the coin range, or Wealthsimple Crypto if you already use Wealthsimple. If you want interest on cash, Shakepay is a regulated dealer. Anything promising 8% to 15% with no registration and no explanation of the source is the next Celsius. Hold long-term coins in your own wallet, not an earn account; my wallet guide shows how.

What Happens To Interest Account Customers In A Bankruptcy?

They become creditors in line behind secured ones. In the Celsius case, the restructuring plan was approved in November 2023 and the company emerged from bankruptcy on January 31, 2024, with creditors receiving distributions, as my Celsius review records. That is years of waiting, and recovery depends on the bankruptcy estate, not on what the app screen said. This is also why CSA-registered platforms are required to hold Canadian clients' assets with a custodian, segregated from the platform's own business.