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Regulated Crypto Exchanges in Canada: What You Need To Know

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In December 2022, the Canadian Securities Administrator (CSA) issued enhanced investor protection guidelines and new commitments expected of crypto asset trading platforms operating in the country.

The CSA’s notice required unregistered crypto trading platforms operating in the country to provide an enhanced pre-registration undertaking to their principal regulator.

Exchanges that committed to the pre-registration undertaking, like Coinbase, received an exemptive relief to continue operating, while others, like Binance, found the tightened rules unfavourable to their operations and decided to exit the Canadian market.

Such regulatory developments have left many Canadians wondering what crypto exchanges are regulated in Canada to avoid getting caught in the regulatory cross-hairs.

List of Registered Crypto Trading Platforms in Canada

Most of the Canada-built crypto trading platforms are registered and regulated. The top ones include:

Crypto Exchanges Allowed in Canada

Below, we discuss in detail the crypto trading platforms allowed in Canada so that you can start your crypto journey on a registered platform.

Bitbuy

Established in 2016, Bitbuy is a registered crypto platform in Canada best for trading popular cryptocurrencies. 

The platform works as a registered restricted dealer and marketplace for crypto assets, and a FINTRAC-registered money service business (MSB) approved by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators(CSA).

Due to regulatory compliance, Bitbuy has become one of Canada’s most secure and trusted cryptocurrency platforms, allowing Canadians to trade 35+ crypto coins starting with as little as $50.

Bitbuy trading fees are at 2% on Bitbuy Express and between 0%-2% on Bitbuy Pro trade.

Bitbuy Crypto Exchange

bitbuylogo

Get a $50 bonus if your initial deposit exceeds $250

Trade approx. 40 coins

Great for new & advanced traders

0% to 2% trading fee

VirgoCX

Based in Toronto, Ontario, VirgoCX is a regulated cryptocurrency platform in Canada that takes a proactive approach towards compliance.

The platform operates as a restricted dealer in crypto assets approved by the CSA, and a FINTRAC-registered money service business (MSD) that’s PIPEDA compliant.

That shows VirgoCX’s commitment to complying with Canadian investor protection laws and regulations to protect users’ assets and privacy.

Thus, VirgoCX offers a safe and secure crypto trading platform where Canadians can buy, sell, and trade 60+ cryptocurrencies.

VirgoCX trading fees range from 0.5%-2.5% depending on the asset tier you’re trading.

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

Netcoins

Owned by BIGG Digital, Netcoins is a regulated, publicly traded crypto asset trading platform operating in Canada and 17 U.S. states.

Netcoins operates as a restricted dealer in crypto assets approved by the Canadian Securities Administrators (CSA), and a FINTRAC-registered Money Service Business (MSB).

Netcoins is also registered with the British Columbia Securities Commission(BCSC) and the securities regulatory authorities in northwest territories, Yukon, and all Canadian provinces.

That makes Netcoins a top cryptocurrency platform in Canada for trading 40+ crypto coins starting with as little as $10.

Netcoins levies a flat trading fee of 0.5%, plus an undisclosed bid-ask spread in its prices.

Netcoins

netcoins logo

Trade several popular coins

Excellent crypto broker for newbies

Up to 0.50% trading fee

Get a $25 bonus when you trade $100

Wealthsimple Crypto

Wealthsimple Crypto is a registered crypto trading app in Canada that offers a simple, easy-to-use interface for trading and staking crypto.

The platform is offered by Wealthsimple Digital Assets Inc. (WDA), which is a restricted dealer operating under time-limited registration through the Canadian Securities Administrators’ Regulatory Sandbox.

Plus, Wealthsimple continues to work with regulators to ensure it offers a safe and secure crypto trading app.

Users can access and trade 50+ coins on Wealthsimple Crypto at an all-in-one operation fee of 1.5%-2% applied as a bid-ask spread.

Wealthsimple Crypto

wealthsimple logo

Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $200+

Newton

Newton is a top crypto platform in Canada operating as a restricted dealer registered with the Ontario Securities Commission (OSC).

It’s also a FINTRAC-registered Money Service Business(MSB) registered with securities regulatory authorities in all Canadian provinces, Northwest Territories, and Yukon.

As a leader in regulatory compliance, Newton has become a trusted crypto platform offering 70+ digital coins to Canadians at in-built spread fees of 1%-2.20%.

Newton

newtonlogo

Trade several popular coins

Excellent crypto broker for newbies

Up to 2.20% trading fee

Get a $25 bonus when you trade $100

Shakepay

Shakepay is a commission-free crypto trading platform operating in Canada as a registered restricted dealer in digital assets.

The platform is registered with the Autorité des Marchés Financiers (AMF) and other securities regulatory authorities in all Canadian provinces and territories.

Shakepay is also a registered Money Service Business(MSB) licensed by FINTRAC and Revenu Quebec to offer crypto services throughout Canada.

The platform offers only Bitcoin and Ethereum and charges an undisclosed bid-ask spread on buy/sell orders.

Shakepay

ShakepayLogo

Trade Bitcoin & Ethereum fast

Works for new & advanced traders

1-3% trading fee, free withdrawals

Get a $5 bonus when you trade $100

CoinSmart

Simply Digital Technologies, aka CoinSmart, is a registered, publicly-traded crypto platform on the NEO exchange, and is available in Canada and other countries.

The Toronto-based company operates as a restricted dealer and marketplace registered in all Canadian provinces and territories.

CoinSmart’s commitment to regulatory compliance has made it one of the most trusted crypto platforms in Canada and beyond, allowing users to trade 16 popular cryptocurrencies. 

CoinSmart is also known for its low, flat fees of 0.2% on single trades and 0.3% on double trades.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $250

Crypto Exchanges That Are Banned in Canada

Information on the Canadian Securities Administrators website shows that two crypto platforms are banned in Canada, including:

  • KuCoin
  • Poloniex

Several other crypto exchanges aren’t necessarily banned in Canada but have voluntarily chosen to exit the Canadian crypto market, citing tougher investor protection guidelines issued by the Canadian Securities Administrators(CSA).

They include:

  • Binance
  • Bybit
  • OKX
  • Blockchain.com
  • Deribit

Crypto Exchanges Undergoing a Pre-Registration Undertaking

As big names like Binance and OKX exit, other crypto exchanges have committed to the CSA’s tougher investor protection guidelines and entered into a Pre-Registration Undertaking with the OSC.

Below is the list of crypto platforms in Canada that have received an exemptive relief to continue operating as their application for registration is reviewed.

FAQs

Which crypto exchanges are banned in Ontario?

KuCoin and Poloniex are the two crypto exchanges banned in Ontario.

Is Kucoin banned in Ontario?

Yes, KuCoin is banned in Ontario and it’s not available for use to Canadian crypto investors.

Is Kraken allowed in Ontario?

Yes, Kraken is allowed in Ontario. It’s one of the crypto platforms that has committed to a pre-registration Undertaking with the OSC.

Are Canadians allowed to use Coinbase?

Yes, Canadians are allowed to use Coinbase as the platform has committed to a pre-registration undertaking with the OSC to chart a path to full registration.

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.

Related:

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Overall best crypto exchange in Canada + $50 bonus

Top registered and regulated crypto trading platform for Canadians.

$50 instant reward when your initial deposit is at least $250 or more.

Access over 40 popular coins and altcoins and staking to earn interest.

Competitive low trading fees for crypto and free deposits.

Get access to advanced trading tools.

Access nearly 70 crypto assets with one-click trading + $25 bonus

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$25 bonus when you verify your account and deposit $150.

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0.50% to 2% trading fees; free fiat deposits and withdrawals.

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. You can read his full author bio.

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