Bennett Jones Secures Dismissal for Coinbase in Cryptocurrency Securities Class Action

Bennett Jones acted as legal advisor to Coinbase, a leading cryptocurrency exchange, in its successful defence of a proposed securities class action alleging violations of the Ontario Securities Act in relation to cryptocurrency products.

The firm represented Coinbase at the trial level and before the Court of Appeal for Ontario, where the courts dismissed the plaintiff’s claim on jurisdictional grounds. The action raised novel issues regarding the application of Canadian securities laws to cryptocurrency platforms operating across borders.

Bennett Jones also acted for Coinbase in responding to the plaintiff’s application for leave to appeal to the Supreme Court of Canada. The Supreme Court has now dismissed the application for leave to appeal, bringing the matter to a close and affirming the dismissal of the claim.

The Bennett Jones team included Robert W. Staley, Cheryl M. Woodin and Doug Fenton (Class Actions).