Binance Sued in Canada for Alleged Violations of Securities Laws: Class-Action Lawsuit Filed

Cryptocurrency exchange Binance is facing a class-action lawsuit in Canada over allegations of violating local securities laws. The lawsuit, filed in Ontario's Superior Court of Justice, accuses Binance of selling crypto derivative products to retail investors without proper registration, violating the Ontario Securities Act and federal law. Plaintiffs are seeking damages and rescission of unlawful derivatives trades, claiming that tens of thousands of Canadian users invested in Binance's cryptocurrency derivatives products. Despite Binance's announcement of its departure from Canada in May 2023, local authorities have continued their investigation into the exchange's activities.