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Home»ADOPTION NEWS»Binance faces lawsuit in Canada for selling cryptocurrency derivatives without registration
ADOPTION NEWS

Binance faces lawsuit in Canada for selling cryptocurrency derivatives without registration

By Crypto FlexsApril 23, 20242 Mins Read
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Binance faces lawsuit in Canada for selling cryptocurrency derivatives without registration
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Binance, a leader in the cryptocurrency trading industry, has been hit with a class action lawsuit in Canada. The Ontario Superior Court of Justice has granted approval to a lawsuit alleging that Binance violated securities laws by selling cryptocurrency derivatives to retail investors without proper registration(1).

The plaintiffs, represented by Christopher Lochan and Jeremy Leeder, alleged that Binance’s actions violated the Ontario Securities Act and federal law. They allege that Binance failed to register as required under securities laws and neglected to file prospectuses for derivatives it sold to Canadian investors (2).

The motion to certify the class action lawsuit highlights the significant presence of individual investors in cryptocurrency derivatives trading in Canada. According to the Ontario Securities Commission (OSC), more than 50% of Canadian cryptocurrency owners hold at least $5,000 worth of cryptocurrency(2). This highlights the potential impact this lawsuit will have on a large number of investors.

The plaintiff seeks damages and reversal for illegal derivatives trading conducted on the Binance platform. They claim that Binance failed to comply with registration requirements and file a prospectus, rendering the sale illegal and invalid (2).

Regulators have previously classified cryptocurrency contracts as securities or derivatives, marketing such contracts under securities laws. This classification has led to increased scrutiny of platforms such as Binance that offer cryptocurrency derivatives to retail investors (2).

Binance’s history with Canadian investors has already caught the attention of regulators. Despite previous promises to stop trading with local investors in 2021 and an agreement with the Ontario Securities Commission (OSC) in 2022, Binance is still under investigation for possible violations (2). The outcome of this lawsuit could have significant implications for the cryptocurrency industry, particularly in terms of regulatory oversight and investor protection.

Tens of thousands of Canadian users are believed to have been affected by Binance’s alleged breach. Plaintiffs allege that Binance’s conduct not only violated securities laws, but also directly impacted individual investors who purchased cryptocurrency derivatives contracts on its platform starting September 13, 2019 (3).

Image source: Shutterstock

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