The Court of Appeal of Ontario ruled the OSC’s extensive document request unconstitutional, strengthening privacy protections in Canadian regulatory investigations.
The Ontario Court of Appeal sided with Binance, declaring the Ontario Securities Commission’s request for over two years of Binance records unconstitutional under Section 8 of Canada’s Charter. The OSC had sought all communications involving Canadian participants, a scope the court found excessive. It also rejected claims that Binance’s use of encrypted messaging implied obstruction. The decision reinforces privacy rights and limits regulators’ authority to demand broad document production.