Part 1
The Problem Nobody Talks About
You have got crypto. Maybe you earned it freelancing, maybe you have been holding Bitcoin since 2017, maybe your employer pays in USDC. Now you need to turn it into spendable money.
And suddenly you discover that the world's largest exchange will not touch you.
Binance Global is completely banned in:
- Canada (all provinces, as of September 2023)
- United States (must use limited Binance.US)
- Netherlands
- Sanctioned countries (Iran, Cuba, North Korea, etc.)
If you are Canadian, you are locked out entirely. If you are American, you get a watered-down version with fewer coins and no derivatives. And if you are an expat bouncing between countries? Your options depend entirely on which passport you hold and where you are standing when you hit "withdraw."
This guide breaks down exactly what works, where, and for whom - including the major Binance alternatives that might save your situation.
Part 2
For Canadians
Binance pulled out of Ontario in June 2021, then exited all of Canada in September 2023. The Canadian Securities Administrators (CSA) introduced strict rules around stablecoins and investor limits that Binance called "no longer tenable."
The result: 40 million Canadians lost access to the world's most liquid crypto exchange. And it gets worse - most of the popular alternatives are also banned.
What's Banned in Canada
| Exchange | Status | Details |
|---|---|---|
| Binance | Banned | Full exit Sept 2023, FINTRAC fined C$6M+ |
| KuCoin | Banned | C$19.55M fine (2025) for AML violations |
| Bybit | Banned | All provinces restricted |
| eToro | Exited | Ceased operations due to regulatory issues |
What Actually Works in Canada
CSA-Authorized Exchanges (Legal, Regulated)
| Exchange | Coins | Best For | Fees |
|---|---|---|---|
| Kraken | 250+ | Serious traders, altcoins | 0.16-0.26% |
| Coinbase Canada | 200+ | Beginners, ease of use | 0.5-1.5% |
| Crypto.com | 250+ | Visa card, large selection | 0.4% |
| NDAX | 40+ | Lowest BTC fees, Canadian-based | 0.2% |
| Newton | 70+ | No trading fees (spread only) | Spread |
| Shakepay | BTC/ETH | Simplicity, earn free BTC | Spread |
| Wealthsimple Crypto | 50+ | Integration with investments | 1.5-2% |
| Netcoins | 40+ | Canadian-owned | 0.5% |
| Coinsquare | 40+ | CIRO member, established | 0.1-0.4% |
The One Exception: CEX.IO
CEX.IO is the only major international exchange from our alternatives list that works in Canada:
- Available to Canadians
- Gibraltar regulated, VASP registered in Lithuania
- 160+ cryptocurrencies
- Instant buy/sell, staking, savings products
- Fiat deposits via bank transfer
What Canadians Lost
When Binance and the alternatives left, Canadians lost:
- Access to 500-1,700 altcoins (Canadian exchanges offer 40-250)
- Futures and derivatives trading
- Highest global liquidity
- Lower fees (Binance charges 0.1% vs 0.2-1.5% on Canadian platforms)
- P2P marketplace with 800+ payment methods
The Canadian Expat Strategy
If you are Canadian and moved to LATAM, you have options:
Option 1: Keep using Canadian-regulated exchanges remotely
Option 2: Establish local residency
Option 3: Focus on fintech, not exchanges
Part 3
For Americans
Americans have more options than Canadians, but still face significant restrictions. The good news: several major exchanges work in most US states.
What's Banned or Restricted for Americans
| Exchange | Status | Details |
|---|---|---|
| Binance Global | Banned | Must use Binance.US instead |
| KuCoin | Banned | $300M DOJ settlement, Jan 2025 exit, 2-year ban |
| Bybit | Banned | Not registered with SEC/CFTC/FinCEN |
What Works for Americans
Part 4
Fintech Ecosystem for the Last Mile
Even with the right exchange, you still need to get money into local currency. This is where the LATAM fintech apps come in. Each has different strengths.
AirTM
Available in: 190 countries (NOT available: Venezuela residents, New York, sanctioned countries)
Venezuelans living abroad CAN access AirTM with valid foreign ID.
Features:
- Hold balance in USDC (dollar protection)
- USD Virtual Visa Card - Available in 10 countries: Argentina, Bolivia, Brazil, Mexico, USA, Guatemala, Peru, Colombia, Ecuador, Dominican Republic
- US Virtual Account - Real US routing + account number (ACH/wire) via Lead Bank
- 500+ local withdrawal methods via P2P network
- Direct Payoneer integration
- Apple Pay + Google Pay compatible
Fees:
- P2P: Free up to $2,500/month, then 1.25%
- US Virtual Account: 1.75% on received funds
- USD Card: 1% on first $200/month loaded, free after
Meru
UglyCash
DolarApp
Part 5
Country-Specific Paths
Mexico
Best path: Binance P2P or UglyCash card (CLABE transfers work)
Alternative: AirTM card + local bank
Exchanges available: Binance, KuCoin, Bybit, eToro, CEX.IO
Colombia
Best path: Crypto → Binance → DolarApp → Bancolombia/Nequi
Alternative: AirTM card, Meru → Bre-B (instant)
Exchanges available: Binance, KuCoin, Bybit, eToro, CEX.IO
Venezuela
Critical: Meru is your lifeline. AirTM blocks Venezuelan residents.
Best path: Meru → Pago Movil (instant)
Exchanges available: Binance (with VPN risks), eToro blocked
Argentina
Best path: DolarApp (hold USD, convert as needed) + AirTM card
Alternative: Binance P2P
Exchanges available: Binance, KuCoin, Bybit, eToro, CEX.IO
Brazil
Best path: Crypto → Binance → PIX (instant)
Alternative: Meru → PIX
Exchanges available: Binance, KuCoin, Bybit, eToro, CEX.IO
Bolivia
Situation: Limited options, Meru is the lifeline.
Best path: Meru → QR payment (instant)
Alternative: AirTM → Direct bank withdrawal OR use USD card
Exchanges available: Binance, KuCoin, Bybit
Paraguay
Situation: Very crypto-friendly, but limited local fintech.
Best path: Binance P2P, hold in crypto, cash as needed
Banking: Requires residency for local accounts
Exchanges available: Binance, KuCoin, Bybit, eToro, CEX.IO
Panama
Situation: Uses USD (no conversion needed), but banking requires residency.
Best path: Before residency: AirTM → Direct bank withdrawal to Panama (one of 20+ supported countries) OR use USD card. UglyCash Visa card for spending (NOT bank transfers - UglyCash cannot send to Panama banks). After residency: Local bank + Wise + any exchange.
Exchanges available: Binance, KuCoin, Bybit, eToro, CEX.IO
Part 6
The Master Comparison
Exchange Availability by Citizenship/Location
| Your Citizenship | Your Location | Binance | KuCoin | Bybit | eToro | CEX.IO |
|---|---|---|---|---|---|---|
| Canadian | Canada | No | No | No | No | Yes |
| Canadian | Mexico | No | Yes | Yes | Yes | Yes |
| Canadian | Colombia | No | Yes | Yes | Yes | Yes |
| Canadian | Panama | No | Yes | Yes | Yes | Yes |
| American | USA (most) | .US only | No | No | Yes | Yes |
| American | New York | No | No | No | No | No |
| American | Mexico | .US only | No | No | Yes | Yes |
| American | Colombia | .US only | No | No | Yes | Yes |
| LATAM local | LATAM | Yes | Yes | Yes | Yes* | Yes |
*eToro blocks Venezuela
Best Stack by Situation
| You Are | Recommended Stack | Why |
|---|---|---|
| Canadian in Canada | Kraken + CEX.IO + Wise | Only options, all alternatives banned |
| Canadian expat in LATAM | Kraken (CA) + AirTM + Wise | AirTM covers 20+ LATAM countries |
| American in USA | Coinbase + eToro + CEX.IO | Multiple regulated options |
| American in New York | Coinbase + Kraken + Gemini | Very limited, most restricted state |
| American expat in LATAM | UglyCash + Wise + Binance P2P | UglyCash for card, Binance for local |
| Venezuelan | Meru + Binance P2P | AirTM blocked for VEN residents, Meru is lifeline |
| Argentine (inflation hedge) | AirTM (card) + DolarApp (local) | Hold USD, card for spending |
| Colombian freelancer | AirTM + Meru (backup) | US account, Payoneer, card, Bre-B instant |
| Mexican | UglyCash (card) + Binance | CLABE transfers, 1% cashback card |
| Brazilian | Binance (PIX) + Meru | PIX instant on both platforms |
| Bolivian | Meru + AirTM + Binance P2P | Meru QR payment is lifeline |
| Paraguayan | Binance P2P + AirTM + Wise | Limited local fintech |
| Panamanian | Local bank + Binance + Wise | USD country, just need bank access |
Part 7
Red Flags and Warnings
Do Not Do This
VPN to access banned exchanges
Your account WILL eventually be flagged. Funds can be frozen. KuCoin and Bybit now require KYC, so VPNs will not help you complete verification anyway.
Lie about residency on KYC
Fraud. You will lose access and possibly face legal issues.
Keep large amounts on exchanges
Not your keys, not your crypto. Use hardware wallets.
Trust random P2P traders
Use escrow, check ratings, start small.
Ignore tax obligations
Your home country likely still wants to know about your crypto gains.
Do This Instead
Use regulated exchanges for your citizenship
Even if fees are higher, your funds are protected.
Diversify across platforms
Do not put everything in one exchange.
Understand the path before you need it
Test withdrawals with small amounts first.
Keep records
Screenshots, transaction IDs, everything. You will need them for taxes.
Have a backup plan
If your main exchange goes down or restricts you, know your alternatives.
Part 8
Quick Reference Tables
Exchange Features Comparison
| Exchange | Coins | Fees | Derivatives | P2P | Card |
|---|---|---|---|---|---|
| Binance | 500+ | 0.1% | Yes | Yes | Yes |
| KuCoin | 700+ | 0.1% | Yes | Yes | Yes |
| Bybit | 1,700+ | 0.1% | Yes | Yes | Yes |
| eToro | 100+ | Spread | No | No | No |
| CEX.IO | 160+ | 0.25% | Yes (10x) | No | Yes |
| Coinbase | 200+ | 0.5-1.5% | No | No | Yes |
| Kraken | 250+ | 0.16-0.26% | Yes | No | No |
Fintech Apps Comparison
| App | Crypto IN | Crypto OUT | USD Card | US Account | Best Countries | Key Limitation |
|---|---|---|---|---|---|---|
| AirTM | Yes USDC | Yes USDC | Yes 10 countries | Yes | All LATAM (not VEN residents) | NY blocked, 1.75% on US account |
| Meru | Yes Multi-chain | Yes Multi-chain | No | No | Venezuela, Bolivia, Colombia | Limited to 8 LATAM countries |
| UglyCash | Yes Stablecoins | Yes Stablecoins | Yes 1% cashback | Yes | Mexico, USA | Cannot send to LATAM banks |
| DolarApp | Yes USDC/USDT | NO | No | Yes | Colombia, Argentina | One-way crypto (in only) |
Conclusion
Bottom Line
The crypto off-ramp landscape is fragmented by design. Regulators want control, exchanges want compliance, and users get caught in the middle.
For Canadians:
For Americans:
For LATAM locals and residents:
Build a compliant stack that works for your situation, not a workaround you hope survives scrutiny.
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