Fun

Binance sued in Canada for securities law violations

News Feed - 2024-04-23 04:04:33

Helen Partz1 hour agoBinance sued in Canada for securities law violationsEven after Binance announced its departure from Canada in May 2023, local authorities have continued to investigate the exchange.1187 Total views2 Total sharesNewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCryptocurrency exchange Binance has been slapped with a new class-action lawsuit in Canada, with plaintiffs alleging that the firm has violated local securities laws.


Ontario’s Superior Court of Justice published a certification motion on April 19 for a class-action lawsuit against Binance alleging that it sold crypto derivative products to retail investors without registration.


According to plaintiffs represented by Christopher Lochan and Jeremy Leeder, Binance sold crypto derivatives products in violation of the Ontario Securities Act (OSA) and federal law.Source: Ontario’s Superior Court of Justice


The lawsuit seeks damages and rescission of unlawful derivatives trades. The plaintiffs argued that tens of thousands of Canadian users of the Binance website invested in its cryptocurrency derivatives products.


“It is noteworthy here that cryptocurrency derivatives traders include a great many retail investors,” the certification motion reads, adding that more than 50% of Canadian crypto owners have at least $5,000 in the market, according to the Ontario Securities Commission (OSC).


Binance is a major global cryptocurrency exchange accounting for 58% of the total spot trading volumes among centralized exchanges as of March 2024. Apart from its leading position as a major spot crypto trading venue, Binance also operates the biggest derivatives market among other exchanges like Bybit and OKX.


According to data from Bybit, the derivatives market for centralized exchanges (CEXs) is “almost entirely dominated” by Binance, OKX and Bybit.Trading volumes changes of Binance, OKX, Bybit and other platforms between October 2023 and March 2024. Source: Bybit


The latest class action against Binance comes a few years after the crypto exchange announced in June 2021 plans to cease operations in Ontario after the OSC approached the firm with a warning.


Related:SEC seeks $5.3B judgment against Terraform Labs and Do Kwon


“As a result of its failure to adhere to this announced cessation of sales, in early 2022, the OSC notified the defendants of its intention to seek a cease trade order,” the new court document reads.


Even after Binance announced departure from Canada in May 2023, local authorities have continued to crack down on the exchange. “The OSC’s investigation into the defendants is ongoing,” the court motion reads.


Cointelegraph approached Binance for a comment regarding the class action lawsuit in Ontario but did not receive a response at the time of publication.


Magazine:Bitcoin Halving will pump games, Shrapnel’s ‘simple’ secret revealed: Web3 Gamer# Bitcoin# Cryptocurrencies# Canada# Cryptocurrency Exchange# Binance# RegulationAdd reaction

News Feed

Tom Mitchelhill8 hours agoFTX sues Sam Bankman-Fried and other former execs to claw back $1BFormer FTX and Alameda Research executives Sam Bankman-Fried, Caroline Ellison, Gary Wang and Nishad Singh were named in the sui
Robert Kiyosaki Predicts Bitcoin Hitting $500K by 2025 and Gold Soaring to $5K
Robert Kiyosaki Predicts Bitcoin Hitting $500K by 2025 and Gold Soaring to $5K The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the
Chainalysis alerts rise in crypto hacks and ransom in 2024
Helen Partz11 hours agoChainalysis alerts rise in crypto hacks and ransom in 2024Cryptocurrency hackers have been returning to their roots to targeting centralized exchanges amid a spike in the Bitcoin price in 2024.948
Tom Mitchelhill3 hours agoCrypto.com granted Dubai crypto licenseThe license is pending operational approval and allows Crypto.com’s Dubai entity to offer exchange, broker-dealer, and lending and borrowing services.123
Investment Manager Expects Governments to Clamp Down on Bitcoin, Warns of ‘Intense’ Crypto Regulation
Investment Manager Expects Governments to Clamp Down on Bitcoin, Warns of "Intense" Crypto Regulation The founder and chief investment officer of Hayman Capital Management, Kyle Ba
Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far The Price Could Crash
Este artículo también está disponible en español. The Bitcoin price action is raising concerns after a failed attempt to push past critical resistance levels, with bearis
Arijit Sarkar1 hour agoAnubisDAO’s rug-pulled 13.5K ETH washes away on Tornado CashAfter almost two years, the stolen 13,556 ETH, worth nearly $60 million at the time, amounted to almost $26.2 million at the time of wr
No mention of crypto in US Democratic Party’s 2024 platform
Vince Quill6 hours agoNo mention of crypto in US Democratic Party’s 2024 platformThe 91-page party platform is expected to be passed on Aug. 19 in a vote from the Democratic National Convention.801 Total views36 Total
Roaring Kitty buys another 4M GME stocks, birthing conspiracy theory
Ezra Reguerra11 hours agoRoaring Kitty buys another 4M GME stocks, birthing conspiracy theoryKeith Gill, known as Roaring Kitty, buys 4 million more GameStop (GME) shares, increasing his holdings to over 9 million shares
Binance to return to India after paying $2M fine for non-compliance: Report
Prashant Jha1 hour agoBinance to return to India after paying $2M fine for non-compliance: ReportBinance and nine foreign crypto exchanges were blocked in India over non-compliance with local AML regulations.353 Total vi
Binance to Launch New Cryptocurrency Exchange in Thailand After Thai SEC Filed Criminal Complaint
Binance to Launch New Cryptocurrency Exchange in Thailand After Thai SEC Filed Criminal Complaint Crypto exchange Binance is launching a new exchange in Thailand after the country&
Compass Mining Alerts Bitcoin Miners of Changes in Bitmain’s ASIC Design
Compass Mining Alerts Bitcoin Miners of Changes in Bitmain"s ASIC Design Compass Mining, a bitcoin mining firm, published a blog post stating that Bitmain, the company behind the a