Binance filed a motion to combine two appeals: (1) an appeal to the Divisional Court against an OSC decision, and (2) an appeal to the Court of Appeal on a previous Divisional Court decision.
The core issue is the constitutionality of an investigative summons issued to Binance by the OSC under the Securities Act, which Binance claims violates Section 8 of the Canadian Charter (unreasonable search and seizure).
Background:
In May 2023, the OSC initiated an investigation into Binance, issuing a summons. Binance sought to revoke this order and the summons through the Capital Markets Tribunal, but the tribunal ruled it lacked jurisdiction.
Binance then pursued judicial review in the Divisional Court, arguing that the summons constituted an unreasonable seizure under the Charter. The Divisional Court dismissed this application on September 28, 2023, without addressing the Charter issue.
Subsequently, Binance appealed this decision and separately challenged the OSC’s jurisdiction to issue the summons.
Decision:
The Court of Appeal, applying Courts of Justice Act s. 6(2) and (3), ruled in favor of combining the two appeals, emphasizing that:
Both appeals involve the same parties, facts, and legal issues (jurisdictional authority over the summons).
The consolidation promotes judicial efficiency, avoids inconsistent decisions, and reduces costs.
The Court ordered an expedited hearing for the combined appeals to ensure timely resolution and awarded costs of $2,500 to Binance.
