Table of Contents
1. 🛑 Binance Has Withdrawn from the Canadian Market
Binance officially ceased operations in Canada in May 2023 after Canadian regulators introduced new rules on stablecoins, investor limits, and crypto platform compliance. The removal of Binance from the country aligns with guidance issued by provincial regulators and the Canadian Securities Administrators (CSA) .
2. đźš« Trading Access Disabled, But Funds Still Retrievable
- Since October 1, 2023, Canadian accounts have been placed in withdrawal-only mode: “You will no longer be able to trade or deposit—only withdraw funds or close open positions”.
- Binance also received a C$6 million fine from FINTRAC for AML and terrorist financing compliance failures between 2021–2023.
3. ⚖️ Why Binance Left Canada
- New licensing and registration requirements for crypto platforms in Canada—including rules around stablecoin trading and limits per investor. Binance chose to exit rather than comply.
- The Ontario Securities Commission had already flagged Binance in 2022 for not being registered; Binance then expanded the exit to all provinces .
4. đź“Ą What Canadians Must Do Now
- Withdraw your assets: Until September 2023, you could withdraw crypto and CAD. Funds remain safe.
- Move to a different platform: Before everything migrated out, most users withdrew to alternative exchanges or personal wallets.
- Maintain records: The Canada Revenue Agency (CRA) requires you to report transactions—even if made on an unsupported platform like Binance.
5. 🔄 Best Canadian Alternatives
- Bitbuy, Kraken, Kraken, Coinbase Canada, Newton, NDAX, Crypto.com, VirgoCX: These exchanges are registered MSBs, support CAD deposits via Interac, and comply with Canadian regulations.
- Bitget, KuCoin via VPN: Advanced features but with legal/regulatory uncertainties—some provinces may block access.
6. đź’ˇ User Experiences & Insights
“Canadian customers will only be able to withdraw funds… no longer use any product”
“Recently used Binance since 2017… moved all my funds to a self-custodial wallet”
“Tax reporting still required even if using an unsupported exchange”
7. âś… Summary Table
| Fact | Details |
|---|---|
| Current Status | Binance CANADA is withdrawn—no new trades or deposits |
| Withdrawal-Only | Users can withdraw existing funds until fully exited |
| Reason | CSA rules on stablecoins & investor limits; FINTRAC fines |
| Alternatives | Prefer registered MSB exchanges: Bitbuy, Kraken, Coinbase, etc. |
| Compliance | Keep transaction records, file CRA taxes, consider self-custody |
Final Thoughts
Binance is no longer available for Canadians to actively trade or deposit starting October 2023. However, users can still withdraw existing crypto and CAD. To continue crypto activity safely in Canada, switch to registered exchanges that comply with regulations or self-custody your assets. Remember to keep accurate records and file taxes regardless of using Binance or other platforms.
