Supreme Court to Hear Binance Appeal on Jurisdiction Over Crypto Assets

The Supreme Court of Canada has agreed to hear an appeal from Binance and its associated companies regarding the jurisdiction of Canadian courts over freeze and management orders involving foreign entities.

The case involves $65,000 in cryptocurrency held by Binance that allegedly represents the proceeds of a fraud. Canadian investigators traced the assets to three accounts controlled by Nigerian citizens, and Binance voluntarily froze the accounts when notified of the alleged fraud.

However, when the Ontario attorney general sought court orders over the assets, Binance opposed the application, arguing that the court didn't have jurisdiction to issue an order against entities outside of Canada. The company also questioned the reliability of cryptocurrency tracing.

The Ontario Superior Court ultimately ruled in favor of the attorney general, stating that it had jurisdiction to make orders against Binance's Canadian corporations and Nest, a Seychelles-based company with a virtual presence in Canada.