Approximately 1,700 UK investors have filed a class-action lawsuit against Binance, seeking around $200 million in damages

Odaily reports that approximately 1,700 UK investors have filed a class-action lawsuit against Binance and its founder Changpeng Zhao at the High Court in London, seeking at least £150 million (approximately $200 million) in damages. The lawsuit accuses the cryptocurrency exchange of selling high-risk complex derivative products, such as leveraged products, to UK retail investors without regulatory authorization since the end of 2019, in violation of the Financial Services and Markets Act. Some plaintiffs claim to have lost tens of thousands of pounds. A Binance spokesperson stated that the company will defend its position but declined to comment further on the pending litigation. The UK's Financial Conduct Authority banned crypto companies from offering derivatives to retail investors in 2021, after which Binance took some measures to restrict access for UK users. Binance's primary license is in the UAE, and its previous license application in Greece failed this month.