Binance facing class-action lawsuit in Canada, trouble in the Philippines

Binance facing class-action lawsuit in Canada, trouble in the Philippines

The cryptocurrency exchange’s troubles are following it around the world

Cryptocurrency exchange Binance is facing more difficulties outside the US, as authorities in Canada and the Philippines recently took action against the company. The company currently accounts for 58% of the total centralized exchange spot trading volume as of March 2024 and is the dominant player in the derivatives market among other exchanges, but that could change following recent issues.

On April 19, the Ontario Superior Court of Justice (OSC) released a certification motion for a class-action suit against Binance, alleging the company sold crypto derivative products to investors without appropriate registration. The plaintiffs, represented by Jeremy Leeder and Christopher Lochan, allege that Binance’s sale of crypto derivatives products violated federal law and the Ontario Securities Act (OSA).

The suit seeks damages and the revocation of illegal derivatives trades, with the plaintiffs contending that tens of thousands of Canadian Binance users purchased its crypto derivatives. This latest class action comes after Binance announced plans to terminate operations in Ontario in June 2021 after receiving a warning from the OSC. 

In the Philippines, the Securities and Exchange Commission (SEC) ordered Apple and Google to remove the Binance app from their app stores. On April 23, the SEC released a statement disclosing that it’s collaborating with major tech companies to remove all “applications operated by cryptocurrency giant Binance.” Individual letters were sent to companies on April 19, requesting that Binance apps be removed from their marketplaces.

SEC chair Emilio B. Aquino stated that offering or selling unregistered securities to residents and serving as an “unregistered broker” violates the country’s securities regulations. He believes that removing Binance from digital app stores would help “prevent the further proliferation of its illegal activities in the country,” which would otherwise be “detrimental” to the economy.

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