Canadian investors sue Binance for violating securities laws
Key Takeaways
- Binance is facing legal challenges in Canada for allegedly offering unregistered cryptocurrency derivatives.
- The lawsuit accuses Binance of violating Ontario securities laws and federal regulations.
- This incident further compounds Binance’s global legal troubles.
Binance, one of the world’s leading cryptocurrency exchanges, is currently facing legal challenges in Canada. Accused of offering unregistered cryptocurrency derivatives to individual investors.
The matter is currently being heard in the Ontario Superior Court of Justice, with the focus being a certification application filed April 19.
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The class action lawsuit claims that Binance Violated the Ontario Securities Act (OSA) and federal regulations. By offering these derivatives.
In the lawsuit, Binance Failure to comply with obligations to cease operations in Ontario; This announcement was made in June 2021 following regulatory pressure from the Ontario Securities Commission (OSC).
Despite Binance declare Withdrawal from the Canadian market again May 2023, OSC continues to investigate the company.
The manuscript is They are demanding compensation for damages and termination of the contract. The outcome of this case could determine how cryptocurrency companies must comply with local securities laws.
This is another legal hurdle for Binance on the global stage. A cryptocurrency exchange is facing legal trouble in Nigeria over allegations of manipulating the Nigerian Naira, and two of its executives have been detained.
Additionally, in the Philippines, the Securities and Exchange Commission blocked Binance’s operations because it did not have the necessary licenses.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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