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3h ago

1,700 UK Investors File £150 Million Claim Against Binance

The group action raises the question of whether UK financial rules can hold an overseas crypto exchange to account for past retail sales of high‑risk derivatives.

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Changpeng Zhao
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Binance and cz sued for $200 million in uk over ‘unauthorized’ derivatives sold to 1,700 traders

Overview

  • A collective claim was filed in the London High Court on June 30 by about 1,700 UK retail investors seeking at least £150 million for losses linked to Binance derivatives.
  • Claimants, represented by KP Law, allege Binance marketed and sold complex leveraged products such as futures, options and leveraged tokens to UK retail users from late 2019 without FCA authorisation.
  • The lawsuit names Binance Holdings Ltd (Cayman Islands), UAE‑registered Nest Exchange, founder Changpeng Zhao and unnamed operators as defendants and focuses on breaches of the Financial Services and Markets Act.
  • Binance has said it will defend the claim and reiterated its commitment to follow applicable law while the case moves through early procedural stages that could take months or years to resolve.
  • If the claim succeeds it could create cross‑border precedent by making it easier for UK consumers to reclaim losses from unapproved products and it will test enforcement limits given Binance’s multi‑jurisdictional corporate structure.