In Canada, Binance, a well-known cryptocurrency trading platform, is facing a new class-action lawsuit. The complainants accuse the company of breaking Canadian securities regulations.
On April 19, Ontario’s Superior Court of Justice announced a certification hearing for a class action lawsuit versus Binance. The lawsuit accuses Binance of illegally selling crypto derivatives to individual investors, without the necessary registration.
Based on the allegations made by plaintiffs Chris Lochan and Jeremy Leeder, Binance is accused of offering crypto derivatives for sale, which reportedly conflicted with the Ontario Securities Act (OSA) and applicable federal laws.
In this lawsuit, Christopher Lochan and Jeremy Leeder act on behalf of themselves, claiming compensation and annulment of illegal derivative transactions.
Approximately ten thousand Canadians, according to the plaintiffs’ claim, used the Binance website to purchase cryptocurrency derivative offerings.
In this passage, it’s important to mention that a significant number of cryptocurrency derivatives traders are individual investors. The certification statement further reveals that over half of Canadian crypto holders have invested $5,000 or more in the market, based on data from the Ontario Securities Commission.
More recently, Binance faces a new class action lawsuit. This development follows the exchange’s announcement in June 2021 that it would halt its services in Ontario due to a regulatory warning from the Ontario Securities Commission (OSC).
The OSC stated that it would seek a cease trade order against the defendants in early 2022 due to their non-compliance with the declared sales termination.)
Despite Binance’s announcement of leaving Canada in May 2023, Canadian regulators have persisted in their efforts to investigate and take enforcement actions against the exchange. As stated in the court filing, “The Ontario Securities Commission’s probe into the Defendants remains active.”
This is a developing story, and further information will be added as it becomes available.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- Top gainers and losers
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- CLV PREDICTION. CLV cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
2024-04-23 10:41