Updated March 2026 · Cryptocurrency banking Canada · 7-minute read
Not all Canadian banks treat cryptocurrency equally. Some banks block Interac e-Transfers to crypto exchanges. Others restrict credit card purchases of Bitcoin and Ethereum. This guide covers exactly which Canadian banks allow or restrict crypto purchases in 2025 — and which banks offer the most crypto-friendly environment for Canadians investing in digital assets.
KOHO: Crypto-Friendly + $100 Bonus
Code 45ET55JSYA · Send e-Transfers to crypto exchanges · $0 fees
Claim $100 Bonus →
Which Canadian Banks Allow Crypto Purchases? — 2025
| Bank | Interac e-Transfer to Exchanges | Credit Card to Crypto | Bank Draft to Exchange | Overall Stance |
|---|
| KOHO | Allowed | Allowed (Visa) | N/A | Crypto-friendly |
| EQ Bank | Allowed | N/A (no credit card) | Wire supported | Crypto-friendly |
| Tangerine | Generally allowed | N/A (no credit card) | N/A | Generally permissive |
| TD Bank | Allowed with friction | Blocked for crypto | Allowed | Cautious — varies by branch |
| RBC | Allowed with limits | Blocked for crypto | Allowed | Cautious — some blocks |
| Scotiabank | Allowed with friction | Restricted | Allowed | Moderate restrictions |
| BMO | Allowed with some limits | Generally blocked | Allowed | Moderate restrictions |
| CIBC | Frequently blocked | Blocked | Allowed with documentation | Most restrictive Big 5 |
| Simplii (CIBC) | Generally allowed | N/A | N/A | More permissive than parent CIBC |
Important: Bank Policies Change Frequently
Canadian bank crypto policies evolve constantly. A bank that allowed crypto exchanges last month may restrict them now — and vice versa. Individual branch managers and fraud departments make real-time decisions that override official policies. Always test with a small transfer ($50) before attempting large crypto purchases via a new bank account.
Top Canadian Crypto Exchanges — Bank Compatibility
| Exchange | Interac e-Transfer | Bank Wire | Best Bank Pairing |
|---|
| Newton | Free, fast | Yes | EQ Bank, KOHO, Tangerine |
| Shakepay | Free, instant | No | EQ Bank, Tangerine, KOHO |
| NDAX | Supported | Yes | EQ Bank, TD, RBC |
| Bitbuy (WonderFi) | Supported | Yes | EQ Bank, TD, RBC |
| Kraken | Limited | Wire via EQ Bank | EQ Bank recommended |
| Coinbase | Interac supported | Yes | EQ Bank, TD, RBC |
Why EQ Bank is Best for Crypto in Canada
EQ Bank consistently has the most permissive Interac e-Transfer policy for Canadian crypto exchanges. EQ Bank accounts can send e-Transfers to Newton, Shakepay, NDAX, and other Canadian exchanges without the friction common at big banks. The 3% savings rate also means your Canadian dollar funds earn interest while you decide when to buy. EQ Bank wire transfers to international exchanges (Kraken, Coinbase) are straightforward with standard documentation.
Crypto Taxation in Canada — Key Facts
The CRA treats cryptocurrency as a commodity. Key tax rules Canadian crypto holders must know:
- Crypto-to-fiat conversions are taxable events — capital gains apply
- Crypto-to-crypto trades are also taxable (each trade triggers a disposition)
- 50% of capital gains are included in taxable income (as of most recent rules)
- Mining income is fully taxable as business income
- Keep detailed records of all purchases, sales, and exchange dates with prices in CAD
- CRA has received exchange user data — non-reporting is increasingly risky
Frequently Asked Questions — Banking for Crypto Canada 2025
Which Canadian banks are most crypto-friendly in 2025?
EQ Bank and KOHO are the most consistently crypto-friendly Canadian banks. EQ Bank's Interac e-Transfer is reliably accepted by Newton, Shakepay, and NDAX. KOHO (Visa) is accepted for crypto purchases on most platforms. Among big banks, TD and RBC are generally more permissive than CIBC. Simplii Financial is more crypto-friendly than its parent CIBC.
Why do Canadian banks block crypto purchases?
Canadian banks cite fraud prevention, money laundering risk, and consumer protection as reasons for blocking or restricting crypto transactions. Many scammers use cryptocurrency as part of their fraud schemes (e.g., "investment" scams where victims wire money to fake crypto exchanges). Banks have also been pressured by regulators to monitor large crypto-related transactions under FINTRAC anti-money laundering rules.
Can I use a credit card to buy Bitcoin in Canada?
Most Canadian bank-issued credit cards block crypto purchases — CIBC, TD, and BMO credit cards typically decline transactions to crypto exchanges. KOHO's Visa card generally allows crypto exchange transactions. Prepaid Visa cards (reloadable Visa) often work where bank credit cards fail. Be aware that some credit cards treat crypto purchases as "cash advances" at much higher interest rates even when not blocked.
What is the best way to buy Bitcoin in Canada with no bank friction?
The most frictionless path is: EQ Bank account → Interac e-Transfer to Shakepay or Newton → buy Bitcoin. Both Shakepay and Newton accept EQ Bank e-Transfers with minimal friction. Newton offers competitive rates with a wider coin selection. Shakepay is simpler but Bitcoin/ETH focused. Both are FINTRAC-registered Canadian exchanges with CDIC-comparable deposit protections on CAD holdings.
Is it legal to buy crypto in Canada?
Yes — cryptocurrency is completely legal in Canada. Canadian crypto exchanges like Newton, Shakepay, NDAX, and Bitbuy are registered with FINTRAC and regulated by provincial securities regulators. Canadians are fully entitled to buy, sell, and hold digital assets. The CRA requires proper tax reporting of crypto gains. Banks' restrictions are voluntary risk management decisions, not legal requirements.
Do I need to report my crypto holdings to CRA?
Yes — all crypto transactions resulting in gains or losses must be reported to the CRA. This includes selling crypto for CAD, trading one crypto for another, and using crypto to pay for goods/services. Simply holding (HODLing) crypto does not trigger a taxable event. The CRA has information-sharing arrangements with Canadian exchanges. Use crypto tax software (Koinly, CoinTracker, or CryptoTaxCalculator) to generate your Schedule 3 capital gains report.
Disclaimer: Bank crypto policies change frequently. Verify current policies directly with your bank. This is not financial or tax advice. Cryptocurrency is highly speculative and can lose significant value. KOHO 5% cashback is a promotional rate. Bremo.io may earn referral compensation from partner links.