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Source: Finance Feeds; Compilation: White Water, Bit Chain Vision Realm
The recent trouble is not the first time that Binance met in Canada. In the past few years, Canada has been facing a hard work with provincial regulatory agencies.
The lawsuit seeks damage compensation and revokes these transactions.It also claims that Binance’s operations have failed to comply with the necessary registration and prospectus records stipulated in securities regulations.The court pointed out in the ruling:“The plaintiff claims that due to the lack of registration, these sales are illegal and invalid.”
During a collective lawsuit, the court acknowledged that cryptocurrency contracts were regarded as securities or derivatives in accordance with the current regulations, and the marketing of these contracts was eligible for distribution.The verdict pointed out: “The plaintiff has assumed the responsibility of proof … established some facts, that is, the problems raised in the four liability issues are common.”
Earlier, the Court of Ontario found that Binance had operated its platform and opened to Canadian users.In the supervision review of the Ontario Stock Exchange (OSC), Binance promised to stop transactions with Canadian investors in the mid -2021, and began to gradually end its business in Ontario in early 2022.A few weeks before Binance left, the exchanges withdrew the promise, claiming that it was authorized as a monetary service company to continue to operate in the province.
The industry giants seem to choose to withdraw from Ontario, rather than abide by securities laws or face supervision censorship.OSC is investigating the potential supervision of Binance, but has not yet been formally charged.
The Ontario Court also responded to Binance’s argument, that is, it only promotes transactions between investors, not as direct parties.The court rejected this statement, saying that “the only contract found in the record is a contract between collective members and Binance itself”, comparing this relationship to the relationship between customers and shops, rather than the relationship between the independent square formation, not the relationship between the independence formula.Essence
The court’s ruling paved the way for the evaluation of compensation for full -category damage, interest and costs. All investors who bought cryptocurrency derivative contracts from Binance have been eligible to participate in collective lawsuits since September 13, 2019.
