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UK investors sue Binance and founder Zhao Changpeng for US$200 million
Nearly 1,700 UK users have alleged that the world’s largest crypto exchange offered risky products without regulatory approval
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Almost 1,700 British investors are suing Binance and founder Zhao Changpeng for at least £150 million (US$200 million), alleging the crypto trading platform sold them risky, complex derivative products without regulatory authorisation.
The claimants, some of whom said they had lost tens of thousands of pounds, allege Binance entities knowingly sold investments such as leveraged products, which can amplify gains or losses, from late 2019 and promoted them in breach of the Financial Services and Markets Act.
Binance, the world’s largest cryptocurrency exchange, vowed to defend itself but declined to comment further on continuing litigation.
“Binance remains committed to its obligations to users and to operating in accordance with applicable law,” a spokesperson said.
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