Binance faces lawsuit from nearly 1,700 UK investors over allegedly unlawful products

MOSCOW, July 1 — Nearly 1,700 British investors have filed a lawsuit against cryptocurrency exchange Binance for offering traders risky financial instruments not approved by United Kingdom (UK) regulators, according to the Financial Times newspaper, reported Sputnik/RIA Novosti.

The lawsuit, filed on Monday in the UK High Court, alleges that in 2019-2020, the exchange used advertising campaigns to promote products that did not comply with British law, the report said on Tuesday.

“Our clients are ordinary people, many of whom committed significant savings and who have suffered real financial harm. We are determined to hold Binance and its founder, Changpeng Zhao, to account. Cryptocurrency markets have, for too long, operated in a space where consumers have had limited recourse when things go wrong,” a lawyer told the newspaper.

Investors are seeking £150 million (RM811 million) in compensation, the report added. — Bernama-Sputnik/RIA Novosti