OSC says dozens of crypto platforms operating in Canada aren't registered. Canadian crypto users are asking: Is my money safe?

Here's what's been happening, what "registered" actually means and how to quickly check where your platform stands.

What happened when regulators moved in

In 2023, Binance, the world's largest cryptocurrency exchange, exited the Canadian market due to increased crypto regulation (1). At the time, Canadian regulators gave cryptocurrency companies 30 days to comply with new guidelines that included enhanced custody rules, segregation of crypto assets and a ban on various forms of leverage, including margin and credit.

Binance was arguably the most prominent platform to leave Canada, but it's not the only one. More recently, OKX and Gemini also closed their Canadian operations (2).

This increased scrutiny from Canadian regulators extends beyond crypto exchanges. As recently as March 2026, it was reported that anti-money laundering authorities cancelled the registrations of dozens of cryptocurrency companies (3), many of which were engaged in converting crypto into physical cash.

Is your crypto trading app on the CSA's registered list?

The Ontario Securities Commission (OSC) provides a public registry that, as of April 2026, lists 12 platforms as registered or operating in the Province of Ontario (4). The list includes names such as Coinbase Canada Inc., Newton Crypto Ltd. and Wealthsimple Investments Inc., which was just added in December 2025.

Additionally, you can find a full list of crypto platforms authorized to do business in other jurisdictions on the Canadian Securities Administrators (CSA) website (5). Both organizations also publish lists of crypto platforms that are either unregistered or banned from doing business with Canadians.

If your platform isn't on the list of approved crypto platforms, you'll want to investigate further and potentially withdraw your assets from it. According to the CSA, all crypto exchanges that provide services to Canadians, including those located internationally, must be registered in Canada. It strongly advises against using any unregistered or banned platform.

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What happens to your money when a platform exits or is penalized

What happens to your crypto assets when a platform pulls out of the Canadian market depends on whether the move was voluntary or the result of being shut down by regulators.

In Binance's case, Canadian users had plenty of time to move their funds, but they could no longer trade. For platforms facing enforcement action rather than voluntary exit, the timeline is less predictable. Regulatory proceedings can take months. In the interim, platforms may suddenly restrict withdrawals or freeze account activity, particularly if a compliance condition or asset-protection order is in place.

It's important to note that crypto held on a centralized platform is not protected by the Canada Deposit Insurance Corporation (CDIC) and is not guaranteed in any way (6). If the platform becomes insolvent or exits without warning, recovery depends on the assets it holds and the terms of any regulatory wind-down process. That is materially different from holding cash in a bank account or securities through a registered dealer.