Cryptocurrency exchange Binance is under legal pressure in Canada and the Philippines, while U.S. prosecutors are demanding 36 months in prison for Changpeng Zhao.
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.
Ontario’s Superior Court of Justice published a certification motion for a class-action lawsuit against Binance alleging that it sold crypto derivative products to retail investors without registration.
The lawsuit seeks damages and rescission of unlawful derivatives trades. The plaintiffs argued that tens of thousands of Canadian users of the Binance website invested in its cryptocurrency derivatives products.