Binance Faces Legal Battles in Canada and the Philippines; Prosecutors Seek 36-Month Prison Term for CZ

Binance, the cryptocurrency exchange, faces legal challenges in Canada and the Philippines, with a new class-action lawsuit filed in Ontario alleging violations of local securities laws by selling crypto derivative products without registration. Meanwhile, the Philippines Securities and Exchange Commission ordered Google and Apple to remove the Binance app from their app stores for users in the Philippines, citing violations of securities regulations. Separately, in the United States, prosecutors are seeking a 36-month prison sentence for Binance founder Changpeng Zhao after he pleaded guilty to money laundering violations. The prosecutors argue that such a sentence is warranted given the gravity of Zhao's willful violation of U.S. laws.