The Ontario Securities Commission’s (OSC) 2023 demand that the crypto giant hand over all communications related to Ontario or Canada violated Binance’s charter protection against unreasonable search and seizure, the Court of Appeal for Ontario found. (The Logic)

Talking point: The ruling is the latest blow against Canadian securities regulators’ crypto trading regulatory regime. In August, Quebec’s Financial Markets Administrative Tribunal found an influencer who sold subscriptions to private social media groups that offered crypto trading advice—which Quebec’s Autorité des marchés financiers (AMF) alleged was part of a pump-and-dump scheme—wasn’t selling securities. The AMF is appealing the ruling, but McCarthy Tétrault lawyers Lori Stein and Shane D’Souza said in an analysis that the decision sends a “strong signal” to securities regulators about the limits of their jurisdiction. The OSC’s document request was part of an investigation into possible compliance violations by the crypto-trading giant before it exited Canada in 2023.