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

[1715149346]

1715149346

[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.