Binance is the world’s largest crypto exchange in terms of daily trading volume, providing an online trading platform where users can buy and sell over 350 cryptocurrencies. If you’ve landed on this guide, you’re probably wondering if you can use Binance in Canada.
While the answer is no, the good news is that there are several legit crypto exchange alternatives you can choose from.
No, Binance is no longer available in Canada. While Binance previously operated in Canada, it announced its withdrawal from the Canadian market in 2023, citing regulatory restrictions.
So, if you’re searching for a cryptocurrency exchange in Canada, you’ll need to consider other options.
Compare these five exchanges to help you find the best Binance alternative in Canada.
Binance is the world’s largest crypto exchange. Founded in 2017, it was originally based in Shanghai, China before moving to Japan and then Malta. The platform claims to have 235 million registered users in over 180 countries.
Binance offers users the following features.
You can use Binance to trade over 350 cryptos, including major coins like bitcoin and ethereum as well as a wide range of altcoins. Spot trading and margin trading are available, while Binance also offers P2P trading and advanced features like bots and copy trading.
Users can buy cryptocurrency on Binance using credit card, debit card, Apple Pay, Google Pay and their account’s cash balance. Crypto-to-crypto trading is also widely available on the platform.
Binance maker and taker fees can start at around 0.10%. There are no fees for crypto deposits, but fiat currency deposit fees may apply, depending on the currency being used. Withdrawal fees may also apply.
Binance also has its own crypto token, Binance Coin (BNB). BNB can be used to trade on Binance, and users receive a 25% trading fee discount when trading with BNB.
You can buy and sell BNB coin on platforms other than Binance. So, although the Binance platform isn’t available in Canada, you can still trade Binance coin on exchanges in Canada like Paybis.
The Binance Earn platform allows users to earn interest on their crypto holdings. It offers access to a range of centralized and decentralized finance options to allow you to earn passive income from over 180 cryptocurrencies.
Binance took to Twitter in May 2023 to announce that it would be withdrawing from the Canadian market.
“Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users…,” read the tweet.
The announcement came not long after the Canadian Securities Administrators (CSA) introduced strict regulations requiring mandatory registrations and investor limits for crypto exchanges as well as tightened rules around stablecoin trading.
“Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” Binance explained in a tweet.
No, Binance is not legal in Canada. The platform withdrew from Canada in 2023 and now features Canada on a list of prohibited countries in its Terms of Use.
Binance also managed to fall foul of Canadian regulators. In May 2024, FINTRAC imposed a $6 million penalty on Binance for failing to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
Binance put its Canadian accounts into liquidation-only mode in October 2023. This means that you can no longer trade crypto on Binance, but you can use your account to make withdrawals—more on how to do that in a minute.
If you live in a country where Binance is still available, you’ll still be able to access your account while visiting Canada. However, you may need to use a VPN to access the platform.
You can no longer use Binance to buy cryptocurrency in Canada, but it is still possible to withdraw your Binance holdings to CAD if you have an existing account. There are two options for withdrawing money from Binance:
Learn how to withdraw funds from Binance Canada in our detailed guide.
Related: 15 best crypto wallets in Canada
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