How to withdraw funds from Binance Canada

Binance is no longer in Canada, but you can still withdraw money from your account.

Tom Stelzer's headshot
Stacie Hurst's headshot

By

Tom Stelzer

&

Stacie Hurst

Updated

Fact checked

Start comparing

It’s one of the world’s biggest cryptocurrency exchanges, but Binance no longer supports buying or selling crypto in Canada. If you already have a Canadian account, the Binance withdrawal process is now a little more complicated than it used to be.

But don’t fret. It’s still relatively easy to withdraw your holdings from Binance back into CAD.

Key takeaways

  • In May 2023, Binance announced its withdrawal from the Canadian market due to tightening crypto regulations.
  • Binance Canada accounts were put in liquidation-only mode on October 1, 2023
  • Customers can’t perform any transactions. They can only make withdrawals.
  • You have three options: Move your crypto to another exchange, withdraw it to a wallet or hold its CAD value on Binance.

1. Withdraw money from Binance to another Canadian exchange

You can easily perform a Binance withdrawal and move your assets to another Canadian exchange. You can either leave it there, buy more crypto or withdraw CAD from the new exchange. Compare the best exchanges in Canada that accept CAD.

Choosing an exchange with a wide range of coins makes it more likely that they will be able to accept the assets you have stored on Binance. If you’re looking for an exchange that offers CAD withdrawals and offers a similar range of coins to Binance, then you may want to consider Paybis, Kraken and Bitget.

Once you’ve chosen a new exchange, you can withdraw your crypto from Binance by following these steps. Note that these instructions are for the desktop version of Binance.

How to withdraw from Binance Canada

Step #1: Login and navigate to Withdraw

Login to your Binance Canada account. Navigate to the “Wallet” dropdown menu and select “Fiat and Spot (Deposit & Withdrawal).”

On the next screen, hit the “Withdraw” tab. Select the crypto you want to withdraw (or fiat currency if your crypto has already been liquidated).

Step #2: Set up and send the transfer
Bitcoin crypto icon Crypto Binance withdrawal

Enter the deposit address of your new exchange account, which can often be found under the “Wallet” or “Deposit & Withdraw” tab of your new account.

Make a note the transfer network of your deposit address, as the same network must be used for withdrawing from Binance and depositing into the new account. Binance should alert you if the withdrawal address and network don’t match, but it’s good to double-check this yourself.

Enter a memo if your new exchange requires it, and input the transfer amount. Hit “Submit,” and follow the prompts (including security questions) to complete the transfer.

Canadian dollar icon CAD Binance withdrawal

Make sure CAD is selected and choose your withdrawal method. Enter the amount you want to transfer, and select “Continue.” Follow the prompts to complete the transfer.

Step #3: Check that the transfer has been received

Your assets will be sent through the relevant network once the transaction has processed. Depending on network congestion, it could take anywhere from minutes to hours before it appears in your new exchange account.

Remember that crypto transactions are irreversible. You can’t recover lost funds. Reach out to either exchange’s customer support team if you’re unsure of what to do.

Compare Canadian exchanges to send your Binance withdrawal

6 of 12 results
Finder Score Fiat currencies Cryptocurrencies Deposit methods Disclaimer
8.8Great
7
381
Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer, Apple Pay, Google Pay
Certain trading features are limited or unavailable to residents of Ontario and Quebec.
Go to site

Capital at risk

More info
Compare product selection
9.7Excellent
1
288
Debit card, Electronic Funds Transfer, Interac e-Transfer, PayPal
Go to site

Capital at risk

More info
Compare product selection
Paybis logo
7.7Great
Paybis
7.7Great
50
83
Credit card, Debit card, Apple Pay, Google Pay, SWIFT, AstroPay
Go to site

Capital at risk

More info
Compare product selection
Bitbuy logo
8.7Great
Bitbuy
8.7Great
1
62
Cryptocurrency, Interac e-Transfer, Wire transfer
Go to site

Capital at risk

More info
Compare product selection
MyBTC.ca logo
5.2Standard
MyBTC.ca Cryptocurrency Exchange
5.2Standard
1
2
Cash, Credit card, Debit card, Flexepin, Interac e-Transfer, Bank Wire
Go to site

Capital at risk

More info
Compare product selection
VirgoCX logo
7.3Great
VirgoCX
7.3Great
2
45
Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer, Online Bill Payments
Compare product selection
loading
Showing 6 of 12 results

Finder Score for crypto exchanges

To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score, the better the exchange—simple.

Read the full methodology

No, Binance is not legal in Canada. Since Binance withdrew from the Canadian market, it would be a violation of the platform’s terms and conditions to trade in Canada.

Binance’s withdrawal from the Canadian market came after increased regulations around cryptocurrency trading. Even after Binance announced it was withdrawing from Canada in May 2023, the Ontario’s Superior Court of Justice still brought a lawsuit against the platform in April 2024.

That said Binance is generally considered a safe platform, and is a favoutite for many avid crypto traders.

Does does Binance work in Canada?

No, Binance will not allow you to sign up for a new account from Canada. So, unfortunately, Binance will not work in Canada if you want to sign up for an account after its withdrawal from the Canadian market.

2. Withdraw from Binance Canada to a wallet

Self-custody is a cornerstone of cryptocurrency. It involves storing your crypto in a wallet that only you own the private keys to. Private keys can be thought of like a special, extra secure password.

This is the opposite of keeping your crypto on an exchange, where the exchange ultimately controls your private keys and therefore your crypto. By transferring your funds off an exchange and into a wallet, you help reduce the counterparty risk associated with an exchange.

The most secure way to store your crypto like this is with a hardware wallet—a specialized device like a USB drive. A hardware wallet costs money (starting at about $50–$70 CAD), but it’s considered the most secure way to store crypto. It should be seriously considered by anyone who can’t afford to lose their investment.

Alternatively, there are a range of free software-based wallets that run on a smartphone or computer. Read more about hardware and software wallets.

Mind you, self-custody isn’t for everyone. It requires a bit of learning to get started, and the burden of responsibility shifts from the exchange to you. You need to safely secure your backup seed phrase, which is the only way to regain access to your wallet if you lose your private keys or password.

There’s no customer service team that can restore access to your wallet if you lose the private keys, unlike an exchange that usually just requires a selfie with photo ID to reset a password.

3. Keep your assets on Binance

If you aren’t sure what to do with your crypto, you don’t have to act right away.

You can still hold its Canadian dollar value in your Binance Canada account (but you won’t be able to buy or sell crypto). When Binance put Canadian accounts into liquidation mode following its departure from the market, your crypto positions may have been closed and your assets converted to CAD, according to the market value at the time.

If you want to continue trading crypto, you’ll need to withdraw your money from Binance Canada to a bank account or another exchange.

It’s worth noting that Binance is under regulatory pressure in the US and several other jurisdictions, which may disrupt its services in the future. Also keep in mind that no exchange is 100% secure. There’s always a risk of hacks or human error.

Can I withdraw money from Binance to a bank account?

Yes, even though you can’t trade crypto with a Binance Canada account, you can still withdraw money to an external bank account or another crypto exchange. The process is simple.

To withdraw money from Binance to a bank account in Canada, select “Fiat and Spot (Deposit & Withdrawal)” in the “Wallet” dropdown menu. Select the “Withdraw” tab, and choose the fiat currency you want to withdraw as well as the withdrawal method. Enter the transfer amount, select “Continue” and follow the prompts to submit the transfer.

Binance Canada withdrawal FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Sources

More on crypto

AAVE logo
Coins

How to buy Aave (AAVE) in Canada

This guide provides step-by-step instructions on how to buy , lists some exchanges where you can get it and provides daily price data on ().

Tom Stelzer's headshot
Written by

Writer

Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio

Stacie Hurst's headshot
Co-written by

Associate editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio

Stacie's expertise
Stacie has written 256 Finder guides across topics including:
  • Banking
  • Stock Trading
  • Cryptocurrency
  • Personal Loans
  • Car Loans
  • Credit Cards
More resources on Finder

Ask a question

You must be logged in to post a comment.

More guides on Finder

Go to site