Canadian Crypto Exchange: Licensing, Risks, and Top Platforms 2025

When you're trading crypto in Canada, you're not just using an app—you're dealing with a Canadian crypto exchange, a regulated business that lets you buy, sell, and store digital assets under Canadian financial law. Also known as a virtual currency exchange, it must follow strict rules to protect your money and personal data. Unlike shady offshore platforms, legitimate Canadian exchanges are registered with FINTRAC, comply with the Canadian Securities Administrators (CSA), and treat your funds like a bank would.

Running one of these exchanges isn’t easy. It takes a MSB registration, a federal license from Canada’s Financial Transactions and Reports Analysis Centre, proof of anti-money laundering systems, and ongoing audits. Many startups fail because they underestimate the cost—often over $50,000 in legal and compliance fees alone. And if they skip this step? They’re illegal. That’s why platforms like CoinRui and DSX vanished overnight: they never had the paperwork. Meanwhile, FINTRAC, Canada’s financial intelligence unit that tracks suspicious crypto activity keeps a close eye on every transaction above $10,000. If you’re using a Canadian exchange, you’re protected—not because it’s perfect, but because it’s watched.

But licensing doesn’t mean safety. Some regulated exchanges still have weak security, poor customer service, or hidden fees. You need to look beyond the badge. Check if they hold cold storage, offer two-factor authentication, and have a public track record. And watch out for fake platforms pretending to be Canadian—they’ll copy names, logos, even fake FINTRAC links. The real ones don’t promise free crypto or rush you to deposit. They answer questions, show audits, and make compliance clear.

What you’ll find below are real reviews, breakdowns of licensing rules, and warnings about exchanges that disappeared. No fluff. Just what matters: who’s still operating, who got shut down, and how to avoid losing your money in Canada’s messy but growing crypto scene.