How To Use Binance in Canada Safely (Working in 2025)

Binance, the world’s largest cryptocurrency exchange, officially stopped operating in Canada in May 2023. That move left many Canadian traders frustrated, especially those who had entirely relied on the platform for buying, selling, and managing their crypto.

Can I use Binance in Canada? If you’re in Canada, you may still be able to log in and withdraw your funds — but you can’t trade the way you used to. Given Binance's status as one of the world's largest crypto platforms, with over $2.77 trillion in global trading volume (Binance 2024)¹, I couldn’t ignore the significant impact this change would have on Canadian traders.

That’s why I’ll explain all you need to know about using Binance in Canada and provide a straightforward guide to withdrawing funds. I’ll break down the ban, what it means for your crypto, and the best regulated alternatives available. Plus, I share tips on how to keep using Binance safely from anywhere, so you can make informed choices no matter where you trade.

How To Transfer Crypto From Binance Canada — Safe Withdrawal Methods

Is it safe to still keep my money on Binance in Canada? While you may still be able to log in and withdraw, keeping funds on an exchange that isn’t supported in your country is risky.

Since Binance has exited the Canadian market, the platform no longer operates under local regulations, and services have wound down. It's safest to withdraw your assets and transfer them to a wallet or another platform that’s legally available in Canada.

Convert to a Canadian Exchange and Withdraw to Fiat

When we tested different ways to cash out from Binance in Canada, the smoothest option was moving our crypto to a Canadian-registered exchange and then withdrawing to a bank account. This method keeps the process simple, secure, and fast.

Here’s how it worked for us:

1. Open an account on a Canadian exchange. Pick a platform that’s approved to operate in Canada, like Coinbase. Complete the signup process and finish the KYC (identity verification), since you’ll need this to withdraw CAD to your bank.
   You'll also need to provide your Social Security Number
2. Find your deposit address on the Canadian exchange. Once your account is ready, choose the cryptocurrency you want to transfer (for example, Bitcoin or USDT). The exchange will generate a wallet address for you.
   You'll also need to provide your Social Security Number
3. Log in to Binance and start a withdrawal. Go to your Binance wallet, select the crypto you want to send, and paste in the deposit address you copied from the Canadian exchange.
   You must use the correct address to avoid issues
   Important. Before confirming, make sure the network matches. For example, if the Canadian exchange only accepts Bitcoin via the BTC network, you must select that same network on Binance.
4. Confirm and wait for the transfer. After you approve the withdrawal, Binance will send the funds to the Canadian exchange. The timing depends on the coin and network congestion.
5. Sell your crypto for CAD. Once the funds show up in your Canadian exchange account, go to the trading section and sell your crypto for Canadian dollars. Most local exchanges make this process simple with instant buy/sell options.
6. Withdraw CAD to your bank. Finally, request a withdrawal to your Canadian bank account. Most exchanges support Interac e-Transfer, which is usually quick and low-cost, or wire transfers for larger amounts.

Withdraw Crypto to a Personal Wallet

If you’re not ready to cash out yet, moving your funds from Binance into a personal wallet is also a safe option. Here is how to do it:

1. Choose the type of wallet you want to use.
   • Hardware wallets (like Ledger or Trezor) are the most secure since they keep your private keys offline.
   • Software wallets (like Trust Wallet, Exodus, or MetaMask) are easier to set up and convenient for everyday use.
2. Set up your wallet. Download the app (for software wallets) or initialize your hardware device. You’ll be given a seed phrase (usually 12–24 words). Write this down on paper and store it securely offline. Never share it with anyone.
3. Find your wallet address. Select the coin you want to receive in your wallet (for example, Ethereum or Bitcoin). Your wallet will generate a receiving address — a long string of letters and numbers. Copy it carefully.
4. Go to Binance and start a withdrawal. In your Binance account, open your wallet, select the crypto you want to withdraw, and paste in the wallet address.
5. Enter the amount and confirm. Choose how much you want to send, then confirm the withdrawal. Binance may ask for 2FA verification codes to complete the request.
6. Wait for blockchain confirmation. Withdrawals aren’t instant — they need to be verified by the blockchain. Depending on the network, this could take a few minutes to over an hour. Once confirmed, the funds will appear in your wallet.

Move to Another Platform

If you still want to trade after leaving Binance, the best option is to move your funds to a regulated Canadian exchange. Unlike a personal wallet, which is better for long-term storage, a local exchange lets you keep buying, selling, and cashing out in Canadian dollars whenever you need.

Plus, since these platforms are regulated in Canada, you know you’re trading in a safer environment.

1. Pick a Canadian-registered exchange. Choose a platform that Canadian regulators, such as Bitbuy and Newton, approve. These exchanges let you trade in CAD and withdraw directly to your bank account.
   
   Pro Tip. Check if the exchange supports the specific crypto you plan to transfer. Not every exchange lists the same tokens. Also, always compare fees, supported coins, and withdrawal options before deciding.
2. Set up and verify your account. Create an account and complete the KYC verification (uploading ID and proof of address). This is mandatory in Canada and ensures you can deposit, trade, and withdraw without restrictions.
3. Generate a deposit address. On the new exchange, select the crypto you want to deposit and copy the wallet address provided. Each coin has its own unique address (e.g., BTC, ETH, USDT). Always double-check the address format. For example, a Bitcoin address should look different from an Ethereum address.
4. Withdraw from Binance. Log in to Binance, navigate to your wallet, and select the cryptocurrency you wish to transfer. Paste the deposit address you copied from the Canadian exchange.
5. Wait for confirmation. After you submit the withdrawal, the transaction will go through the blockchain for verification. The time depends on the network. Once confirmed, the funds will appear in your new exchange account.

How To Securely Use Binance From Anywhere With a VPN

A VPN makes it possible to create a new Binance account and use it from anywhere, but it's not 100% reliable. A VPN keeps your data secure and your location private. It works by encrypting your traffic and hiding your IP address, so your online identity and activity stay private.

However, Binance generally blocks accounts based on the KYC (Know Your Customer) data it collected during sign-up. They usually ask for passports, driver’s licenses, or other forms of identification. If they can’t operate in the country matching the documents, the account cannot be logged in. Nonetheless, with an active account created with documents from an approved government, it’s possible to use Binance from anywhere with a VPN. Here is how to use a VPN with Binance:

1. Choose a secure and reliable VPN. Not all VPNs are suitable for trading. For smooth transactions, you need one that offers strong encryption, follows a no-logs policy, and has fast speeds. Paid VPNs are much safer than free ones, as free services often limit bandwidth and may compromise your privacy.
   ExpressVPN supports all popular devices and operating systems
2. Install the VPN app. Once you’ve picked a provider, download the app to your device. The best VPNs support multiple platforms and allow several simultaneous connections so that you can secure all your devices.
3. Configure the VPN for maximum security. After installing, it’s important to adjust a few settings before you connect. For example, with ExpressVPN, you can:
   • Enable the Kill Switch (Network Lock). This prevents your internet traffic from leaking if the VPN connection drops.
   • Turn on DNS Leak Protection. This helps keep your browsing requests routed through the VPN instead of being exposed to your ISP.
   • Select the best protocol. ExpressVPN defaults to Lightway (its own fast and secure protocol), but you can switch to OpenVPN for maximum compatibility.
   • Split Tunneling. Lets you choose which apps use the VPN and which connect directly to the internet. For example, you can route Binance through the VPN while keeping other apps like banking and social media on your local network.
     Enable Auto-Connect on startup so your device always launches with a secure connection
4. Connect to a Server. Open the app, select a server, and click the connect button. It’s not a bad idea to use an IP checker tool to be sure you’re connected to your chosen location.
5. Access Binance. Head to the Binance website or open the mobile app. If your account is in good standing, you should now be able to log in and use Binance securely.
   Use ExpressVPN to protect your connection when entering a withdrawal address

Quick Comparison Table: Best Binance VPNs

Not all VPNs work with Binance. My team and I tested 30+ VPNs and discovered that some left gaps in protection that could expose your connection. The following VPNs stood out by providing the trust and stability I rely on when trading crypto.

**Obfuscation is the technology used to conceal VPN use as regular internet to prevent detection and blocking.

Binance’s Current Status in Canada

Is Binance banned in Canada? Binance officially announced in 2023 that it would leave the Canadian market (Binance Square, 2023)². This decision came after the Canadian Securities Administrators (CSA) rolled out stricter rules for crypto exchanges, especially around stablecoins and investor protections.

Binance said these conditions made it “no longer tenable” to continue operating in the country. My friend in Canada was so upset because they had relied on Binance for years and suddenly couldn’t trade or open new positions anymore.

Since then, you can’t open a new Binance account in Canada. The platform is no longer offering trading services to Canadian residents. However, if you already have an account, Binance allows you to keep access for a limited time, so you can log in and withdraw your funds. This is part of a wind-down process to ensure existing users aren’t locked out of their money.

That said, Binance’s relationship with Canadian regulators has stayed rocky. In 2024, FINTRAC fined Binance more than C$6 million for failing to register as a money services business and for not reporting large transactions (Government of Canada, 2024)³. On top of that, Binance is still under scrutiny from the Ontario Securities Commission (OSC), and there’s an active class-action lawsuit from Canadian investors claiming the exchange sold unregistered crypto derivatives.

Common Mistakes To Avoid When Withdrawing from Binance

Withdrawing your funds from Binance should be straightforward, but in practice, it’s easy to run into problems. Some of these issues can cost you time, and others might even cost you money. I’ve gone through this process myself with different platforms and seen where people often slip up.

Before we get started, just a reminder that it’s never a bad idea to use a VPN in Canada, especially after all the attacks on internet freedom its government has engaged in. Millions of dollars were frozen by the Canadian government on a donation site during protests as just one recent example (CATO Institute, 2024)⁴.

Here are the main mistakes you’ll want to avoid:

• Sending funds to the wrong network or address. This is by far the most common mistake. Many coins, like USDT, exist on multiple networks (ERC-20, BEP-20, TRC-20, etc.). My friend once picked the wrong one, and their funds ended up stuck for weeks. So, always double-check both the wallet address and the network before hitting confirm.
• Forgetting about KYC and security locks. Binance takes security seriously, which means even small account changes can trigger withdrawal restrictions. If you reset your password or change 2FA, expect a 24-hour (sometimes 48-hour) lock. It feels inconvenient, but honestly, I’d rather deal with a short delay than risk a hacker draining my account. The best approach is to make account changes when you don’t need to withdraw right away.
• Hitting limits without realizing it. Not all accounts are the same. If your identity verification (KYC) isn’t fully complete, your withdrawal limits will be lower. I’ve seen people panic when their transactions failed simply because they hit their daily cap. Staying on top of your verification level saves a lot of headaches.
• Withdrawing during maintenance or peak issues. Binance sometimes pauses withdrawals during network congestion or while they’re updating wallets. I once tried to withdraw late at night, only to find the service temporarily unavailable. Now, I make a habit of checking Binance’s announcements or status page first. It saves me from the surprise of a stalled transaction.
• Messing up bank or payment details. If you’re withdrawing to a bank account, even a minor error in your account number or SWIFT code can significantly delay the process for days. I always slow down here — double-checking the details is worth the extra 30 seconds.
• Ignoring alerts or emails. Binance will often send a warning email or SMS if it detects unusual activity on your account. Ignoring these messages is a big mistake. I’ve learned to check my email right after making a withdrawal, just in case there’s a confirmation or extra verification needed.

Best Binance Alternatives Approved in Canada

Not all crypto platforms are built the same. Some stand out because they’re easy to use, others because of their low fees, or the range of coins they support. If you’re deciding where to trade next, here are the exchanges in Canada that our research revealed offer the best mix of safety and usability.

Safest Wallets for Canadians Leaving Binance

If you choose to withdraw your investment from Binance into a wallet, the next step is to ensure you select a wallet that actually keeps your funds safe. Not all wallets offer the same level of protection — some are better for long-term cold storage, while others are designed for everyday use.

Here are some of the best wallet options for Canadians:

Hardware Wallet

• Ledger Nano X. Ledger has been around for years and is one of the most trusted hardware wallets. The Nano X keeps your private keys offline, making it nearly impossible for hackers to access your funds remotely. I like that it also connects via Bluetooth so that you can use it with your phone as easily as your laptop.
• Trezor Model T. Trezor has an easy-to-use touchscreen and supports a wide range of cryptocurrencies. For anyone serious about long-term storage, this is a rock-solid pick.

Desktop and Mobile Wallet

• Trust Wallet. If you prefer a mobile solution, Trust Wallet is a free, beginner-friendly app that gives you control of your keys. It integrates seamlessly with DeFi apps, making it convenient for regular crypto use while maintaining ownership.
• Exodus. It’s known for its sleek design and ease of use. It supports hundreds of assets and has built-in swaps. It’s not as secure as a hardware wallet, but it’s great for people who want something user-friendly and versatile.

FAQs on Using Binance in Canada

Conclusion

Binance might not be fully available in Canada anymore, but that doesn’t mean you’re out of options. You can still move your funds safely to a Canadian exchange or personal wallet and keep control over your crypto. This way, you avoid the risks of leaving money on a platform that no longer operates locally.

The key is to keep things simple and secure. Double-check your withdrawal details, use regulated exchanges, and stay on top of new rules as they come out. With the proper steps, you can protect your investments and keep trading in Canada without unnecessary stress.

References

1. https://www.binance.com/en/square/post/10870674731818?
2. https://www.binance.com/en/square/post/518423?utm_source=chatgpt.com
3. https://fintrac-canafe.canada.ca/pen/amps/pen-2024-05-09-eng?
4. https://www.cato.org/blog/emergencies-act-after-two-years