Binance is served with a new class action lawsuit in Ontario alleging that it sold crypto derivatives in violation of local securities laws.
Cryptocurrency exchange Binance has been slapped with a new class-action lawsuit in Canada, with plaintiffs alleging that the firm has violated local securities laws.a certification motion on April 19 for a class-action lawsuit against Binance alleging that it sold crypto derivative products to retail investors without registration.
“It is noteworthy here that cryptocurrency derivatives traders include a great many retail investors,” the certification motion reads, adding that more than 50% of Canadian crypto owners have at least $5,000 in the market, according to the Ontario Securities Commission .58% of the total spot trading volumes
According to data from Bybit, the derivatives market for centralized exchanges is “almost entirely dominated” by Binance, OKX and Bybit.
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