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Binance is Banned in Ontario: 3 Best Alternatives in 2024

Updated:

Fact Checked

Binance Holdings Limited and Binance Canada Capital Markets Inc. ceased operations in Ontario in 2022 after they failed to meet regulatory requirements set by the Ontario Securities Commission (OSC).

If you are looking to trade cryptocurrencies using a crypto exchange like Binance, we cover some of the best Binance alternatives for Ontarians below.

Is Binance Banned in Ontario?

Binance is not authorized to do business in Ontario and is thus effectively banned in the province.

If you are an Ontario resident, you cannot open a new account, and for existing accounts, you were required to close them by December 31, 2022.

While some users from Ontario continue to access the platform using VPNs and other strategies to cloak their location, this is very risky, and your account can be closed without warning.

Binance is not the only crypto exchange banned or placed on an “investor warning list” in Ontario; others include KuCoin, Interactive Global, 24xForex, FX-BTC, Gibraltar FX, and Aurora Coins.

Can I Use Binance in Canada?

Is Binance allowed in other provinces in Canada?

Technically, yes, you can continue to use Binance if you reside outside of Ontario until September 30, 2023. On October 1, 2023, all existing Canadian customers will have their accounts put in liquidation-only mode as the company exits the Canadian crypto marketplace.

If the company ends up complying with OSC requirements, it is possible that Binance could return to Canada in the future.

Best Binance Alternatives in Ontario

Four of the top crypto trading platforms that have received “exemptive relief” to offer cryptocurrency products to investors in Ontario are:

  • CoinSmart (now Bitbuy)

CoinSmart Crypto Exchange (now Bitbuy)

coinsmart logo

Top crypto exchange in Canada (now Bitbuy)

Great for new & advanced traders

Competitive trading fees

Get a $50 bonus when you deposit $250

  • Netcoins

Netcoins

netcoins logo

Trade several popular coins

Excellent crypto broker for newbies

Charges trading fees + undisclosed spread in prices

  • VirgoCX

VirgoCX

virgocx logo

Get a $20 bonus when you deposit $100

Great crypto broker for newbies

0.50% to 2.50% trading fee

Trade several popular coins

  • Wealthsimple

Wealthsimple Crypto

wealthsimple logo

Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $200+

Other crypto platforms that also operate in Ontario are:

FAQs

When can I use Binance in Ontario?

There is no official date for Binance to restart operations in Ontario.

Is Binance shutting down in Canada?

Yes, Binance is shutting down its operations in Canada. It will exit the country on September 30, 2023.

Which crypto exchanges are legal in Ontario?

CoinSmart, Wealthsimple Crypto, Newton, Bitbuy, and Coinberry are legal in Ontario.

Is Coinbase legal to use in Ontario?

Yes, Coinbase is legal to use in Canada.

Can I use Binance in Ontario with a VPN?

It may be possible to use Binance in Ontario through a VPN; however, it is not recommended.

What can I use instead of Binance in Ontario?

The top Binance alternative in Ontario is CoinSmart.

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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