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 up to 2% on Bitbuy Express and between 0%-2% on Bitbuy Pro trade.
Offer: Deposit an initial $250 or more as a new client and get a $50 bonus.
Bitbuy Crypto Exchange
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
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 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
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
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
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. It is now a part of Bitbuy.
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 (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
Owned by BIGG Digital, Netcoins is a regulated, publicly traded crypto asset trading platform operating in Canada.
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.
It levies a flat trading fee of 0.5% plus an undisclosed bid-ask spread in its prices.
Netcoins
Trade several popular coins
Excellent crypto broker for newbies
Charges trading fees + undisclosed spread in prices
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.
- Coinbase
- Kraken
- Crypto.com
- Gemini
- NDAX
- Coinsquare
- ByteX
- DigiFinex
FAQs
KuCoin and Poloniex are the two crypto exchanges banned in Ontario.
Yes, KuCoin is banned in Ontario and it’s not available for use to Canadian crypto investors.
Yes, Kraken is allowed in Ontario. It’s one of the crypto platforms that has committed to a pre-registration Undertaking with the OSC.
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.
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