When Binance, the world’s largest cryptocurrency exchange, withdrew from Canada in May 2023, the move sent shockwaves through the country’s crypto community. The platform cited new regulatory guidance on stablecoins and investor limits as reasons the Canadian market had become “no longer tenable”. Major international players like OKX, KuCoin, and ByBit followed, abandoning Canadian customers rather than navigate the country’s strict regulatory framework.
But where global giants saw insurmountable obstacles, one Vancouver-based exchange saw opportunity. Netcoins, a homegrown Canadian cryptocurrency trading platform, turned Canada’s demanding regulatory environment into its competitive edge. The company recently reported annual revenue of $10.56 million with a striking 112% revenue growth, proving that regulatory compliance and business success are not mutually exclusive in the crypto space.
When Giants Exit, Homegrown Players Thrive
Canadian Securities Administrators issued enhanced operating conditions for platforms seeking registration in February 2023, including strict custody requirements, prohibitions on using custodied assets, and restrictions on trading value-referenced crypto assets like stablecoins. These regulations proved too restrictive for international heavyweights accustomed to less regulated markets.
“Regulatory compliance is a priority which is very strict in Canada, and why exchanges like Binance and others have had to exit the Canadian market,” Netcoins noted in its operational overview. While competitors chose withdrawal, Netcoins doubled down on compliance. The platform now holds registration as a Restricted Dealer with Provincial Securities Commissions in all Canadian provinces and territories, and maintains registration with FINTRAC as a Money Service Business.
“As we look ahead to the rest of 2025, we’re confident in our decision to prioritize Netcoins as BIGG’s core focus,” said Dan Reitzik, Interim CEO of BIGG Digital Assets, Netcoins’ parent company.
The White Glove Difference
Since its founding in 2014, Netcoins has evolved from a virtual Bitcoin ATM solution provider into one of Canada’s most established cryptocurrency exchanges. The platform now serves 285,000 customers and has processed over $3 billion in lifetime transaction volume.
What sets Netcoins apart is its approach to customer experience. While automated responses and chatbots have become industry standard, the exchange employs real people for customer support, offering what it calls “white glove service”. The platform maintains phone support seven days a week and email support with extended hours, staffed by live agents rather than automated systems.
This human element extends to operational reliability. Netcoins maintains 99.99% uptime even during significant market swings, periods when many competitors experience temporary halts. The platform offers over 60 different cryptocurrencies for trading, with quick and free fiat onboarding that allows Canadians to transfer cash from bank accounts into Netcoins within minutes.
Compliance as Competitive Edge
Rather than viewing Canada’s regulatory framework as a burden, Netcoins has turned it into a differentiator. BIGG Digital Assets, publicly traded on the TSX Venture Exchange, also develops crypto safety and compliance tools through its subsidiary QLUE. QLUE provides blockchain forensics and investigation capabilities used by law enforcement agencies, financial institutions, and compliance professionals.
The platform uses QLUE alongside bitrankverified.com blockchain forensics tools to identify and prevent illicit crypto activities. The company operates within Canada’s regulatory framework as a core selling point, holding customer assets in secure storage with comprehensive insurance against cyberattacks.
“Our mission at BIGG has always been to bridge the gap between regulated financial markets and the emerging blockchain economy,” said Fraser Matthews, CEO of Netcoins.
Beyond Borders: The American Expansion
While the Canadian crypto market contracted, Netcoins pursued expansion beyond its home turf. The company recently launched operations in the United States, obtaining all necessary regulatory requirements to serve American customers across 48 states.
“Netcoins is dedicated to bringing its safe, secure and transparent brand of crypto trading to the USA. We rebuilt our entire platform from the ground up to ensure that Americans are getting an incredible user experience alongside of a great product,” Matthews said.
Alongside geographic expansion, Netcoins USA forged a partnership with APX Lending to introduce crypto-backed loans for American clients. “This is a strategic partnership that will allow Netcoins USA to provide an exciting new lending product to our clients while working with a proven industry leader. Both APX and Netcoins began their journey in Canada and have now entered the massive US crypto market,” Matthews explained.
Building Success on Regulatory Foundations
Netcoins has built a reputation for being first to offer new tokens in Canada. The platform frequently adds high-demand tokens across categories including AI-related assets, Layer 1 solutions, meme coins, and real-world assets. At the time of reporting, Netcoins was the first and only Canadian exchange offering a CAD/HYPE trading pair for the Hyperliquid token.
The company reported over 66,000 unique active users on the platform in 2024, with Q4 2024 expected to be a record revenue quarter. The company processed $556 million in trading volume during the first half of 2025, supported by a cryptocurrency treasury valued at $18.6 million, of which 65% is Bitcoin.
As Canada continues to develop its cryptocurrency regulatory framework, with new stablecoin regulations expected in upcoming federal budgets, Netcoins appears well-positioned to navigate the evolving landscape. Where Binance saw untenable conditions, Netcoins found a blueprint for sustainable growth.
