A court in Canada has filed a new class action lawsuit against Binance for allegedly violating local securities legislation.
The Ontario Superior Court of Justice alleges that Binance sold crypto derivative products to retail investors without proper registration.
The plaintiffs argue this action violates the Ontario Securities Act and federal law.
The lawsuit seeks damages and to rescind the illegal derivatives transactions. It is estimated that tens of thousands of Canadian users were affected by Binance's actions.
The plaintiffs also point out that most crypto owners in Canada have invested at least $5,000 in the market.