1 month ago
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Key Takeaways
- Nearly 1,700 UK investors are suing Binance and CZ in London’s High Court.
- They seek at least £150 million ($200M) over allegedly unauthorized crypto derivatives.
- The claim alleges breaches of the Financial Services and Markets Act from late 2019.
- Binance denies wrongdoing and says it will defend the claim in court.
According тo Reuters, the claimants allege Binance unlawfully sold high-risk crypto derivatives to UK retail users without the proper regulatory authorization.
What the Claim Alleges
The action, coordinated by law firm KP Law, centers on leveraged products, futures contracts, and options, complex derivatives that amplify both gains and losses. According to the claimants, Binance entities marketed and sold these products to UK retail customers starting in late 2019, and did so in breach of the Financial Services and Markets Act (FSMA), the UK statute that makes it a criminal offense to carry on regulated...
English (US)