Binance Faces £150 Million Lawsuit From UK Investors over Alleged Mis-Sold Crypto Products
Nearly 1,700 claimants seek at least £150 million, alleging Binance sold leveraged tokens, futures and options to UK retail customers without authorization.
- On Tuesday, nearly 1,700 British investors filed a London High Court claim against Binance and founder Zhao Changpeng, seeking at least £150 million for allegedly selling risky derivative products without regulatory authorisation.
- Claimants allege Binance knowingly sold complex derivative products from late 2019, breaching the Financial Services and Markets Act despite the Financial Conduct Authority banning such retail offerings in 2021.
- The filing names UAE-registered Nest Exchange and 'persons unknown' as defendants alongside Binance, while investor Tomas Sutas reported losing more than $132,000 on the Binance Trading Platform.
- Binance vowed to 'defend against these claims through the appropriate legal process' and remains committed to its obligations to users and to operating in accordance with applicable law.
- This litigation adds to mounting legal exposure for Binance, which recently failed to secure a Crypto-Assets-compliant license from a European Union member state and faces separate allegations regarding $850 million in transactions tied to Iranian entities.
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The News
Pakistan Live NewsBinance faces £150 million lawsuit from UK investors over alleged mis-sold crypto products
In a bold decision thousands of UK investors are plannings to sue cryptocurrency exchange platform Binance.Almost 1,700 British investors are suing Binance and founder Changpeng Zhao for at least...
South China Morning Post
Cryptocurrency News | Cryptocurrency Prices | Market CapUK 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.
UK Investors Sue Binance and Former CEO Changpeng Zhao for $200M
1,700 UK investors have launched a group lawsuit in London’s High Court against Binance and founder Changpeng Zhao. The claimants say the pair sold risky crypto derivatives products to retail investors without authorization. UK Investors Demand $200M from Binance The plaintiffs allege that between around late 2019 and 2020, Binance offered products such as leveraged tokens, options, contracts, and futures without the approval of the UK’s Financi…
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