Nearly 1,700 UK investors have sued cryptocurrency trading platform Binance, alleging the Cayman Islands-registered company offered risky derivative products to retail investors without regulatory approval.
The claim against Binance, the world’s biggest crypto platform, and co-founder Changpeng Zhao was filed in the UK High Court on Monday by 1,692 investors, alleging that in late 2019 and 2020 the exchange sold products that were not authorised under the Financial Services and Markets Act.
Lawyers for the claimants said they are seeking up to £150 million to cover the claimants’ losses, which they said in some cases were in the tens of thousands or millions of pounds.
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High-risk products
