The Canadian Court of Appeal ruled that the Ontario Securities Commission's request for access to Binance's documents was "excessively broad" and unconstitutional.

In the case of *Binance Holdings Limited v. Ontario Securities Commission (OSC)*, the Ontario Court of Appeal dismissed the OSC's massive request for access to documents against Binance, finding its scope "appalling" and violating Section 8 of the Canadian Charter of Rights and Freedoms regarding the prevention of unreasonable searches and seizures. The court noted that while capital market participants have lower expectations of privacy in regulated activities, they are still protected by the Charter. The OSC's request for Binance to submit "all internal and related-party communications involving Canada over a two-and-a-half-year period" was deemed by the court to far exceed reasonable regulatory purposes. The ruling emphasized that while regulatory investigations can be conducted without evidence of wrongdoing, they must be limited to "the categories of documents reasonably relevant to the purpose of the investigation," otherwise they can be dismissed by the court. Furthermore, the court commented on Binance's use of encrypted communication tools such as Signal, which "automatically deletes messages," finding that the mere use of such technology is insufficient to presume an intention to "circumvent regulation," providing important clarification regarding the use of privacy-preserving communication software by financial institutions. This ruling is seen as establishing the boundaries of Canada's securities regulatory power and reminding companies that they can assert their privacy and due process rights under the Charter when faced with cross-border or overly broad investigative requests.