Beyond Borders, Within Reach: Criminal Restraint Order Issued For Crypto Held In Cross‑Border Exchange Structures

In R. v Binance Holdings Limited, 2025 ONSC 7113, the Ontario Superior Court of Justice (the Court) issued a significant decision on the reach of Canada's criminal restraint and management regime as it applied to cryptocurrency held through cross‑border exchange structures.

In an application brought by the Attorney General of Ontario (the Attorney General) under sections 490.8(1) and 490.81(1) of the Criminal Code, the Court considered whether it had jurisdiction to restrain and manage bitcoin that was traced to three Binance accounts allegedly linked to an online fraud. Although the accounts were held by Binance's asset manager, a Seychelles entity, the Attorney General successfully argued that several related Binance entities had constructive possession of the property and were present in Canada – physically or by "virtual presence" – so that effective orders could be issued to preserve offence‑related property.