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)
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
Trade several popular coins
Excellent crypto broker for newbies
Charges trading fees + undisclosed spread in prices
- VirgoCX
VirgoCX
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
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
There is no official date for Binance to restart operations in Ontario.
Yes, Binance is shutting down its operations in Canada. It will exit the country on September 30, 2023.
CoinSmart, Wealthsimple Crypto, Newton, Bitbuy, and Coinberry are legal in Ontario.
Yes, Coinbase is legal to use in Canada.
It may be possible to use Binance in Ontario through a VPN; however, it is not recommended.
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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