It’s one of the world’s biggest cryptocurrency exchanges, but Binance no longer supports buying or selling crypto in Canada. If you already have a Canadian account, the Binance withdrawal process is now a little more complicated than it used to be.
But don’t fret. It’s still relatively easy to withdraw your holdings from Binance back into CAD.
Key takeaways
In May 2023, Binance announced its withdrawal from the Canadian market due to tightening crypto regulations.
Binance Canada accounts were put in liquidation-only mode on October 1, 2023. That means customers can’t perform any transactions. They can only make withdrawals.
1. Withdraw money from Binance to another Canadian exchange
You can easily perform a Binance withdrawal and move your assets to another Canadian exchange. You can either leave it there, buy more crypto or withdraw CAD from the new exchange. Compare the best exchanges in Canada that accept CAD.
Choosing an exchange with a wide range of coins makes it more likely that they will be able to accept the assets you have stored on Binance. If you’re looking for an exchange that offers CAD withdrawals and offers a similar range of coins to Binance, then you may want to consider Paybis, Kraken and Bitget.
Once you’ve chosen a new exchange, you can withdraw your crypto from Binance by following these steps. Note that these instructions are for the desktop version of Binance.
How to withdraw from Binance Canada
Step #1: Login and navigate to Withdraw
Login to your Binance Canada account. Navigate to the “Wallet” dropdown menu and select “Fiat and Spot (Deposit & Withdrawal).”
On the next screen, hit the “Withdraw” tab. Select the crypto you want to withdraw (or fiat currency if your crypto has already been liquidated).
Step #2: Set up and send the transfer
Crypto Binance withdrawal
Enter the deposit address of your new exchange account, which can often be found under the “Wallet” or “Deposit & Withdraw” tab of your new account.
Make a note the transfer network of your deposit address, as the same network must be used for withdrawing from Binance and depositing into the new account. Binance should alert you if the withdrawal address and network don’t match, but it’s good to double-check this yourself.
Enter a memo if your new exchange requires it, and input the transfer amount. Hit “Submit,” and follow the prompts (including security questions) to complete the transfer.
CAD Binance withdrawal
Make sure CAD is selected and choose your withdrawal method. Enter the amount you want to transfer, and select “Continue.” Follow the prompts to complete the transfer.
Step #3: Check that the transfer has been received
Your assets will be sent through the relevant network once the transaction has processed. Depending on network congestion, it could take anywhere from minutes to hours before it appears in your new exchange account.
Remember that crypto transactions are irreversible. You can’t recover lost funds. Reach out to either exchange’s customer support team if you’re unsure of what to do.
Compare Canadian exchanges to send your Binance withdrawal
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No, Binance is not legal in Canada. Since Binance withdrew from the Canadian market, it would be a violation of the platform’s terms and conditions to trade in Canada.
Binance’s withdrawal from the Canadian market came after increased regulations around cryptocurrency trading. Even after Binance announced it was withdrawing from Canada in May 2023, the Ontario’s Superior Court of Justice still brought a lawsuit against the platform in April 2024.
That said Binance is generally considered a safe platform, and is a favoutite for many avid crypto traders.
Does does Binance work in Canada?
No, Binance will not allow you to sign up for a new account from Canada. So, unfortunately, Binance will not work in Canada if you want to sign up for an account after its withdrawal from the Canadian market.
2. Withdraw from Binance Canada to a wallet
Self-custody is a cornerstone of cryptocurrency. It involves storing your crypto in a wallet that only you own the private keys to. Private keys can be thought of like a special, extra secure password.
This is the opposite of keeping your crypto on an exchange, where the exchange ultimately controls your private keys and therefore your crypto. By transferring your funds off an exchange and into a wallet, you help reduce the counterparty risk associated with an exchange.
The most secure way to store your crypto like this is with a hardware wallet—a specialized device like a USB drive. A hardware wallet costs money (starting at about $50–$70 CAD), but it’s considered the most secure way to store crypto. It should be seriously considered by anyone who can’t afford to lose their investment.
Mind you, self-custody isn’t for everyone. It requires a bit of learning to get started, and the burden of responsibility shifts from the exchange to you. You need to safely secure your backup seed phrase, which is the only way to regain access to your wallet if you lose your private keys or password.
There’s no customer service team that can restore access to your wallet if you lose the private keys, unlike an exchange that usually just requires a selfie with photo ID to reset a password.
3. Keep your assets on Binance
If you aren’t sure what to do with your crypto, you don’t have to act right away.
You can still hold its Canadian dollar value in your Binance Canada account (but you won’t be able to buy or sell crypto). When Binance put Canadian accounts into liquidation mode following its departure from the market, your crypto positions may have been closed and your assets converted to CAD, according to the market value at the time.
If you want to continue trading crypto, you’ll need to withdraw your money from Binance Canada to a bank account or another exchange.
It’s worth noting that Binance is under regulatory pressure in the US and several other jurisdictions, which may disrupt its services in the future. Also keep in mind that no exchange is 100% secure. There’s always a risk of hacks or human error.
Can I withdraw money from Binance to a bank account?
Yes, even though you can’t trade crypto with a Binance Canada account, you can still withdraw money to an external bank account or another crypto exchange. The process is simple.
To withdraw money from Binance to a bank account in Canada, select “Fiat and Spot (Deposit & Withdrawal)” in the “Wallet” dropdown menu. Select the “Withdraw” tab, and choose the fiat currency you want to withdraw as well as the withdrawal method. Enter the transfer amount, select “Continue” and follow the prompts to submit the transfer.
Binance Canada withdrawal FAQs
If you're unable to withdraw funds from your Binance account, it may be locked for security reasons or because you violated the platform's Terms of Use. Often, this is for security reasons.
Your account may have been hacked, you may have interacted with a scammer (even unknowingly), or you may have travelled to a sanctioned region (using a VPN could confuse Binance about your location). Contact Binance customer service to find out how to unlock your account.
To withdraw from Binance Canada, navigate to "Wallet," go to "Fiat & Spot (Deposit & Withdrawal)" and select the "Withdraw" tab. For fiat transfers, enter the amount and withdrawal method. For crypto transfers, enter the deposit address, network and memo, if required. Submit the transaction and follow the prompts to complete your withdrawal.
Yes, even though you can no longer trade crypto through Binance in Canada, you can still withdraw funds to a bank account or another cryptocurrency exchange.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
This guide provides step-by-step instructions on how to buy , lists some exchanges where you can get it and provides daily price data on ().
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Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
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Crypto Binance withdrawal
CAD Binance withdrawal
