“[The plaintiffs] claim that those sales were illegal and void for failure of the defendants to register as required under [securities law] or to file a prospectus,” the court noted in its decision.
None of the allegations have been proven.
In certifying the class action, the court noted that regulators have found crypto contracts to be securities or derivatives, and that the marketing of these contracts has been treated as a distribution under securities law. As a result, the court found the plaintiffs have a potentially viable case.
“The plaintiffs have met the evidentiary burden on them of establishing some basis in fact that the issues raised in the four liability questions are common across the class,” the court said. In other proceedings, “Binance has already been found by Ontario courts to have operated the Binance website platform and to have made it available to Canadian users.”
Amid scrutiny from…
