Binance is making headlines again on the legal front. The crypto exchange faces a class action lawsuit, with plaintiffs alleging that it violated the Ontario Securities Act and federal law.
Jeremy Leeder and Christopher Lochan represent the plaintiffs, who claim Binance sold crypto derivatives products without proper registration. The Ontario Superior Court of Justice published a certification motion for the class-action lawsuit, which seeks damages and the rescission of “unlawful trades.”
The lawsuit highlights that “many retail investors” were affected by the sale of unregistered derivative products. The Ontario Securities Commission (OSC) reports that over half of Canadian crypto asset owners have at least $5,000 worth of cryptocurrencies.
Binance announced a cease-operation in Ontario in 2021, followed by departure plans in early 2023. Despite its retreat, Canadian authorities have continued to crack down on the exchange.
Most notably, in 2022, Binance made headlines as the OSC threatened the exchange with a cease trade order. “As a result of its failure to adhere to this announced cessation of sales, in early 2022, the OSC notified the defendants of its intention to seek a cease trade order,” the court document reads.
On a similar note, the Philippines’ Security and Exchange Commission continues to crack down on Binance as well. The regulatory agency ordered Apple and Google to remove the Binance app from their platforms following the agency’s decision to restrict Binance’s access to the country.
Despite regulatory challenges, Binance remains the largest cryptocurrency for spot and derivatives trading, accounting for over 58% of spot trading volume alone. However, Binance’s dominance on Bitcoin and altcoins seems to be waning.
As CryptoMode reported, data from research firm Kaiko shows a decrease in the percentage of BTC trading, which has dropped from 81.3% to 55.3% and 58% to 50.5% for altcoins.
Recognition closes two days of live trading sessions and partner meetings at Booth 081, Dubai…
Singapore, October 6, 2026 — With less than a month to go until RWA WEEK…
Partnership combines operating support, technology infrastructure and specialist risk expertise for entrepreneurs launching proprietary trading…
Award recognizes SKYWAN’s role in delivering secure and resilient satellite communications for government and mission-critical…
The October celebration connects all-electric autonomous mobility with cash-redeemable rewards for eligible ER-SX rental users.…
Brokerage wraps two days at the record breaking event with copy trading demonstrations, partner meetings…