Superior Court Finds Arbitration Agreement for Crypto Trading Platform Unenforceable
In the recent decision, Lochan v. Binance Holdings Limited, 2023 ONSC 6714, the Ontario Superior Court of Justice has demonstrated that the courts will find an arbitration agreement unenforceable when such an agreement is contrary to public policy and unconscionable. Background Binance Holdings Limited (“Binance”) is the world’s largest cryptocurrency trading platform. Previously, the Ontario Superior Court held that Binance sold crypto derivatives products to Canadians without filing a prospectus. As a result, the plaintiffs commenced a proposed class action against Binance. The class action was brought pursuant to s. 133 of the Ontario Securities Act, which provides purchasers with ... [more]
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