Binance Faces Fresh Legal Battle as Ontario Court Files for Class Action
- Binance is facing a fresh legal battle in Ontario, Canada.
- The Superior Court of Justice in Ontario has filed a class action lawsuit against Binance.
- The court accused Binance of failing to comply with necessary registrations and prospectus filings.
Binance, the world’s largest cryptocurrency exchange by volume, is facing a fresh legal battle, this time, in Ontario, Canada. According to reports, the Superior Court of Justice in Ontario has filed a class action lawsuit against the cryptocurrency exchange. The Court alleged that Binance sold crypto derivative products to retail investors without registration, violating securities laws.
The recent lawsuit seeks both damages and rescission for the affected trades, accusing Binance of failing to comply with necessary registrations and prospectus filings as stipulated by securities regulations.
Meanwhile, the court stated in the filed motion that the plaintiffs in the class action claimed the sales were illegal and void for lack of the required registration. The court recognized the classification of crypto contracts under current regulations, noting that they are considered securities or derivatives, and mar…
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