Binance is facing a lawsuit from nearly 1,700 UK investors who allege that the world’s biggest crypto exchange offered risky derivative products to retail traders without approval from the UK financial regulator.
The claim against Binance and its billionaire co-founder Changpeng Zhao was filed at the UK High Court on Monday by 1,692 crypto investors. They allege that in late 2019 and 2020, the exchange sold products that it was not authorised to sell under the UK’s Financial Services and Markets Act.
Lawyers for the claimants say they are seeking as much as £150mn in the lawsuit.
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