2024

Bitcoin

April

<h4><strong>The exchange has been sued in Canada for allegedly violating securities law and selling derivatives to retail investors without being properly registered to operate. </strong></h4> 
<p>The case is now before Ontario’s Superior Court of Justice. Let’s discover more about this important news for Binance.</p> 
<h5><strong>Binance Faces Lawsuit in Canada Over Securities Law Violations</strong></h5> 
<p><span style="font-weight: 400;">The suit, filed by Christopher Lochan and Jeremy Leeder, accuses Binance of breaching the Ontario Securities Act (OSA). They are claiming that the exchange failed to cease its operations in Ontario despite not being licensed to do so.</span></p> 
<p><span style="font-weight: 400;">The suit <a href="https://www.canlii.org/en/on/onsc/doc/2024/2024onsc2302/2024onsc2302.html#document" target="_blank" rel="noopener">requests</a> damages and seeks for Binance to cease its derivatives offering in Canada. The plaintiffs claim Binance’s operations risk tens of thousands of Canadian users subscribed to its derivatives product.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e1.png" alt="🟡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> finds itself embroiled in legal turmoil as a new class-action lawsuit alleges violations of securities laws in Canada. <a href="https://t.co/kCAmXUQNIR">pic.twitter.com/kCAmXUQNIR</a></p> 
 <p>— Cointelegraph (@Cointelegraph) <a href="https://twitter.com/Cointelegraph/status/1782788404733726841?ref_src=twsrc%5Etfw">April 23, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">Recent data notes that Binance accounts for 58% of all spot trading volumes across all centralized exchanges. In addition to being the market leader for spot crypto trading, Binance runs the largest derivatives market. Binance, Bybit, and OKX have a significant influence on the derivatives market.&nbsp;</span></p> 
<p><span style="font-weight: 400;">The lawsuit also claims that the exchange failed to cease operations in Ontario as it had previously announced. The crypto exchange faced intense regulatory pressure from the Ontario Securities Commission (OSC) in 2021. Interestingly, the OSC is still looking into Binance. Canada isn’t the first country where Binance has faced <a href="https://www.altcoinbuzz.io/?s=regulation" target="_blank" rel="noopener">regulatory concerns</a>. Several nations have accused the exchange of having an illegal presence on their shores.</span></p> 
<h5><strong>More About Binance</strong></h5> 
<p><span style="font-weight: 400;">Recently, Nigerian authorities arrested two Binance officials. Nigerian lawmakers claimed the exchange played a role in the manipulation of the Nigerian naira. </span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Binance executive Tigran Gambaryan will remain in prison in Nigeria until at least May 17, after his trial for money laundering ends. <a href="https://twitter.com/cheyenneligon?ref_src=twsrc%5Etfw">@cheyenneligon</a> reports<a href="https://t.co/HafzdB7YNL">https://t.co/HafzdB7YNL</a></p> 
 <p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1782855798969782305?ref_src=twsrc%5Etfw">April 23, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">In addition, the trading platform is currently facing legal troubles in the Philippines. The country’s securities regulator claims the exchange lacks the required registration to operate.</span></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/binance-faces-legal-problems-in-canada/">Binance Faces Legal Problems in Canada</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Binance Faces Legal Problems in Canada

Altcoin Buzz

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