The plaintiffs sought certification of a class action against Binance for illegal sales of cryptocurrency derivative products without registration or prospectus, contrary to the Ontario Securities Act and common law.
The court granted certification, finding a recognizable cause of action, an identifiable class, and common issues suitable for class-wide determination, including liability and remedies like rescission and aggregate damages.
The court rejected the defendants' arguments regarding the mechanical impossibility of rescission and the unfeasibility of aggregate damages, noting a lack of factual basis for their claims of user-to-user contracts.
