Binance sued in Canada for securities law violations

[Oshosondy]

Despite the ongoing lawsuit in Nigeria, Binance has been sued in Canada for securities law violations. Although the exchange is no more in Canada since May 2023 but local authorities have continued to investigate the exchange and see it providing crypto derivative products to retail investors without registration. This is in violation of the Ontario Securities Act (OSA) and federal law in Canada.

https://cointelegraph.com/news/binance-sued-canada-securities-law

[AB de Royse777]

The first thing I did is - to check the BNB price after reading the topic title, not even the whole post :-P

The lawsuit seeks damages and rescission of unlawful derivatives trades.

It is clearly stated that they want their share. You will do business in their territory and will not give them their cut, is not going to happen LOL

[goldkingcoiner]

Binance is getting sued perpetually. Nothing new, business as usual and the BNB price reflects that.

[Davidvictorson]

Despite the ongoing lawsuit in Nigeria, Binance has been sued in Canada for securities law violations. Although the exchange is no more in Canada since May 2023 but local authorities have continued to investigate the exchange and see it providing crypto derivative products to retail investors without registration. This is in violation of the Ontario Securities Act (OSA) and federal law in Canada.

https://cointelegraph.com/news/binance-sued-canada-securities-law

A business should abide by the law of the country in which they enter to do business in. I know that they are no longer in Canada but for the other countries in which they operate in can they just go ahead to register their business there if they haven't rather than wait for the SEC to sue them? It doesn't speak good of them.

The right thing should be done.

[Nwada001]

How many cases at a time? And which country is preparing their own lawsuit to hit them next? This is why it's always good, no matter how small your business is, as soon as it's getting bigger and attracting attention, making the move to register the company under the right authorities where you provide service is really a good idea. 
 
Just imagine that even after existing in Canada since last year, they still could not escape the lawsuit. At the end of the day, they would be charged some amount of money in order to get free. 
 
It seems that the US government case with Binance was an eye-opener to others; they should expect more of such lawsuits in the future.

[PX-Z]

This is why it's always good, no matter how small your business is, as soon as it's getting bigger and attracting attention, making the move to register the company under the right authorities where you provide service is really a good idea.

Easier said than done, smaller business will have a hard time to do that.

But the difference is binance is already huge exchange since 2017 and it does attract more and more users all over the world, yet they still not doing anything to these people came from countries where binance is not regulated yet. They can actually give warning that not accepting from these countries but instead they keep accepting people then ask KYC when they are not regulate in the first place. And now, they are suffering from different authorities suing them for good.

[KingsDen]

Binance is getting sued perpetually. Nothing new, business as usual and the BNB price reflects that.

Exactly my thoughts... An adage says if a child is punished in one regular way, that punishment will eventually become a hobby to the child. I don't think that Binance is afraid of any litigation anymore. Infact her former CEO has been convicted and yet the company keeps going. What doesn't kill you makes you stronger is the case of Binance.

[tabas]

I don't think that Binance is afraid of any litigation anymore.

They have been used to it and as a matter of fact, as they deal with these penalties - they're going to the countries that are more welcoming and I think that's a better strategy for them. Because with such, they're showing that they've been open to any country that's going to welcome them and will allow them to get permits and operating licenses.

Infact her former CEO has been convicted and yet the company keeps going. What doesn't kill you makes you stronger is the case of Binance.

Possibly after he spend his jail time, he might be back. Who knows.