Law360 Canada ( January 7, 2026, 10:39 AM EST) -- Appeal by Binance Holdings Limited (Binance) from investigation decisions by the Ontario Securities Commission (Commission) and the Divisional Court. The Commission launched an investigation into Binance’s business relating to alleged violations of the Securities Act, which included trading in securities without registration or exemption. It appointed an investigator who issued a summons demanding the production of documents and other information from Binance about its operations. Binance brought an application to the Capital Markets Tribunal (Tribunal) seeking an order to revoke the summons, but the Tribunal decided that it did not have jurisdiction to grant the order. Binance then appealed the Tribunal’s decision to the Divisional Court while simultaneously filing an application for judicial review of the summons. It then sought an order to stay the summons pending determination of its appeal and judicial review application. Binance abandoned the appeal against the Tribunal, and argued only the stay application, which was denied. Binance brought an urgent motion to set aside the decision not to stay, which was heard with the judicial review application. On judicial review, Binance argued that the investigation was an abuse of process and violated s. 8 of the Canadian Charter of Rights and Freedoms (Charter), but the application was denied. Binance also brought an application to the Commission to revoke or vary the summons, but this was also denied on the basis that the Commission did not have jurisdiction. On appeal, the Court must decide whether the Commission erred in finding it did not have jurisdiction, whether the Divisional Court erred in declining to set aside the denial of the stay, and if the Court should address Binance’s Charter arguments....