Are you wondering if Binance is legal in Canada? This guide gives you a clear answer.

You will learn about Binance’s legal status, how crypto is regulated, and how taxes work in Canada.

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No. Binance is not legal in Canada.

In May 2023, Binance withdrew from the Canadian market. The decision came after new rules from regulators made operation unviable.

In 2024, Canada’s financial watchdog FINTRAC fined Binance C$6 million for compliance failures.

Today, Binance is not permitted to operate or accept new Canadian customers.

Does Binance Work in Canada?

No. Binance does not operate in Canada anymore.

Since its exit, new accounts cannot be opened. Trading, deposits, and withdrawals are blocked for Canadian residents.

Using VPNs to bypass the restriction violates Binance’s terms and is no longer effective.

Binance officially left Canada in May 2023. The company cited regulatory conditions that made compliance impossible while protecting users.

In 2024, FINTRAC imposed a C$6 million penalty for failing to register as a money-services business and for not reporting large transactions.

Legal challenges also remain. In 2025, the Ontario Court of Appeal allowed a class-action lawsuit from investors to proceed under securities laws.

In short: Binance is banned from operating in Canada, and regulators continue to pursue legal actions.

How Crypto Is Regulated in Canada

Cryptocurrencies are not legal tender in Canada. They are treated as commodities, not currency.

Crypto exchanges must:

  • Register with FINTRAC as money-services businesses.

  • Comply with provincial securities regulations under the CSA.

The CSA enforces rules on custody, reporting, and investor protection.

Several platforms—such as Coinbase Canada, Kraken, and Bitbuy—are approved to operate. Binance is not on this list.

Tax Regulations in Canada

Canada taxes crypto as a commodity, not as money. This means you must report all gains and losses.

The Canada Revenue Agency (CRA) requires detailed records of every trade. Even though Binance left the market, the CRA may still hold user data from past transactions.

You must report:

  • Capital gains or losses from sales.

  • Income from mining, staking, or airdrops.

Failure to declare can result in penalties.