Ontario Court of Appeal decisions split on crypto platform class actions
The appellant alleged Coinbase violated provincial securities laws by failing to comply with registration and disclosure requirements for security dealers. However, the Court concluded the non-Canadian Coinbase entities were outside Ontario’s jurisdiction. It deemed Ireland, where Coinbase Europe is domiciled, a more appropriate forum.
Although Coinbase Canada fell within Ontario’s jurisdiction, the Court stayed proceedings against it, finding insufficient connection between Coinbase Canada and the plaintiff’s transactions.
The decision turned on nuanced jurisdictional analysis. The appellant argued that while they entered a user agreement with Coinbase Canada, crypto trading is a unique context and Coinbase Canada…
