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ARTICLE · 27 JANUARY 2025

Lochan v. Binance Holdings Limited

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The Appellant Binance Holdings Limited ("Binance") operated the world's largest cryptocurrency trading platform. Between 2019 and early 2022, it sold cryptocurrency derivatives to Canadians through its website.

CanadaLitigation, Mediation & Arbitration
James Plotkin
James Plotkin
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The Court of Appeal upheld dismissal of stay in favour of arbitration based on unconscionability and public policy.

Background

The Appellant Binance Holdings Limited ("Binance") operated the world's largest cryptocurrency trading platform. Between 2019 and early 2022, it sold cryptocurrency derivatives to Canadians through its website. That website boasted that users could create an account in "under 30 seconds". This claim was made even though Binance's users could not access the platform without first accepting roughly 50 pages of terms, including an arbitration agreement.

The Respondents (collectively "Lochan"), in their capacity as representative plaintiffs, commenced a proposed class action against Binance under section 133 of the Ontario Securities Act, R.S.O. 1990, c. S.5. Section 133 provides a right of action for rescission or damages against a company selling securities that fails to file or deliver a prospectus. In the decision below, the Court

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