Nearly 1,700 UK users have alleged that the world’s largest crypto exchange offered risky products without regulatory approval
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.
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.
Britain’s financial regulator, the Financial Conduct Authority, banned crypto companies from offering derivatives to retail customers in 2021 and Binance took some steps to restrict UK access, requiring them to complete additional information.