Nearly 1,700 UK investors sue Binance, Changpeng Zhao over £150 million
Business
Almost 1,700 UK investors are taking Binance and its founder Changpeng Zhao to court, claiming the crypto exchange sold risky leveraged products without approval since 2019.
Some users say they lost tens of thousands of pounds, and together they're seeking over £150 million in damages.
Binance vows to fight amid scrutiny
The lawsuit names Binance's main company, its U.A.E. arm, Zhao himself, and others running the platform.
Binance says it plans to fight the case and stresses it's committed to following the rules.
This comes as regulators worldwide keep a close eye on crypto platforms: Binance has already tightened rules for UK users after a 2021 ban on certain crypto products, and it's faced licensing hurdles in other countries too.