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.
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.
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).
Crypto Binance withdrawalEnter 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 withdrawalMake 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.
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.
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.
Alternatively, there are a range of free software-based wallets that run on a smartphone or computer. Read more about hardware and software wallets.
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.
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.
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.
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