Canada: Ontario Securities Commission investigation into Binance concerning alleged failure to register as a business trading in securities under Securities Act
Progress
Scope
Timeline of events
Court of Appeal for Ontario ruled OSC does not have ability to revoke Summons and pre-compliance review of Summons generally not constitutionally required but particular Summons of Binance violates Charter
On 6 November 2025, the Court of Appeal for Ontario allowed Binance's appeal against the Divisional Court's decision, holding that the Divisional Court had erred in not judicially reviewing the 'Charter issues' raised by Binance. In this line of arg…
Court of Appeal for Ontario accepted Binance appeal of Divisional Court ruling regarding judicial review and stay of Summons
On 30 October 2024, the Court of Appeal for Ontario accepted Binance's appeal of the Divisional Court ruling regarding judicial review and stay of the Summons issued by the Ontario Securities Commission (OSC) in its investigation of Binance regardin…
Divisional Court denied judicial review application and Binance's stay of Investigation Order and Summons request but did not address constitutionality of Summons
On 28 September 2023, the Divisional Court denied Binance's judicial review application and stay request. The Court ruled that the Undertaking, a prior agreement reached between Binance and the Ontario Securities Commission (OSC), permitted the OSC…
Binance filed application with Capital Markets Tribunal seeking revocation of Ontario Securities Commission Investigation Order and Summons
On 18 May 2023, following a prior investigation of Binance by the Ontario Securities Commission (OSC), Binance filed an application with the Capital Markets Tribunal seeking revocation of an OSC Order and Summons under s. 144(1) of the Securities Ac…
Ontario Securities Commission's appointed investigator issued Summons to Binance requiring it to provide revenue, account, and communications information
On 11 May 2023, the Ontario Securities Commission (OSC)'s appointed investigator issued a Summons to Binance requiring the company to provide revenue, account, and communications information. First, they required Binance to confirm the total revenue…
Ontario Securities Commission opened investigation into Binance over alleged violations of Securities Act and Undertaking violations
On 10 May 2023, the Ontario Securities Commission (OSC) Staff opened an investigation into Binance over alleged violations of Securities Act and Undertaking violations. Regarding the Securities Act, s. 25 requires organisations trading in securities…