A new class-action lawsuit has been filed against Binance in Canada, with plaintiffs alleging that the leading crypto exchange violated local securities laws. Documents in the case were filed in Ontario Superior Court on April 19. They allege that the company sold crypto derivatives to retail investors without registration.
According to the plaintiffs, represented by Christopher Lochan and Jeremy Leader, Binance is in violation of the Ontario Securities Act and federal law. They will claim in court for financial compensation and “rescission of the illegal derivatives trades” on the crypto exchange. Lochan and Leader claim that tens of thousands of Canadian users of Binance’s website have deposited their money and benefited from the company’s service. The Ontario Securities Commission states that over 50% of Canadians own at least $5,000 worth of crypto assets.
The current class action against Binance is being filed several years after in June 2021, the crypto exchange announced plans to cease operations in Ontario. The company was then alerted by the local regulator. Even after Binance announced it was exiting the Canadian market a year ago, local authorities continued their pressure on the exchange. Meanwhile, the Ontario Securities Commission’s investigation into the company continues.
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