The Canadian Securities Administrator (CSA) has introduced enhanced investor protection guidelines for crypto asset trading platforms. These regulations require unregistered platforms to submit a pre-registration undertaking to their principal regulator. While exchanges like Coinbase comply, others like Binance have exited the Canadian market. This guide explores regulated crypto exchanges in Canada to help you navigate the evolving regulatory landscape.
Registered Crypto Trading Platforms in Canada
Canada's top regulated crypto exchanges include:
- Bitbuy
- VirgoCX
- CoinSmart
- Shakepay
- Wealthsimple Crypto
- Newton
Below, we detail each platform's features, compliance status, and trading fees.
Bitbuy: Secure Trading for Canadians
- Established: 2016
- Regulation: OSC and CSA-approved restricted dealer, FINTRAC-registered MSB
- Coins Offered: 35+ cryptocurrencies
- Fees: 0%–2%
- Bonus: $50 for deposits over $250
VirgoCX: Proactive Compliance
- Regulation: CSA-approved restricted dealer, FINTRAC-registered MSB
- Coins Offered: 60+ cryptocurrencies
- Fees: 0.5%–2.5%
- Bonus: $20 for deposits over $100
Shakepay: Simplified Crypto Trading
- Regulation: AMF-registered, FINTRAC-compliant
- Coins Offered: Bitcoin and Ethereum only
- Fees: 1%–3% bid-ask spread
Wealthsimple Crypto: User-Friendly App
- Regulation: CSA Regulatory Sandbox participant
- Coins Offered: 50+ cryptocurrencies
- Fees: 2% bid-ask spread
Newton: Low-Cost Trading
- Regulation: OSC-registered, FINTRAC-compliant
- Coins Offered: 70+ cryptocurrencies
- Fees: 1%–2.5%
- Bonus: $25 for trades over $100
CoinSmart (Now Bitbuy): Flat-Fee Trading
- Regulation: CSA-approved, publicly traded on NEO
- Coins Offered: 16 cryptocurrencies
- Fees: 0.2%–0.3%
Banned Crypto Exchanges in Canada
The CSA has banned:
- KuCoin
- Poloniex
Other platforms like Binance, Bybit, and OKX have voluntarily exited due to regulatory challenges.
Exchanges Undergoing Pre-Registration
Platforms committed to CSA guidelines include:
- Coinbase
- Kraken
- Crypto.com
- Gemini
FAQs
Which crypto exchanges are banned in Ontario?
KuCoin and Poloniex are prohibited.
Is Kraken allowed in Ontario?
Yes, Kraken has committed to a pre-registration undertaking.
Can Canadians use Coinbase?
Yes, Coinbase is operational under OSC oversight.
Disclaimer
Cryptocurrency investments are volatile. Conduct thorough research and invest only what you can afford to lose.
Enoch Omololu, MSc (Econ)
Personal finance expert and founder of Savvy New Canadians.
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