UK crypto investors sue Binance, Changpeng Zhao for $200M
About 1,700 UK investors are suing Binance, Changpeng Zhao, and related defendants in London High Court for £150 million ($200 million), alleging the exchange sold crypto derivatives without UK regulatory approval. The claim says Binance’s leverage tokens, futures, and options breached the Financial Services and Markets Act 2000 and were still accessible after the FCA banned such products for retail customers in January 2021. KP Law says UK users could access them with no effective barrier. Binance said it will defend the case and continues to operate in line with applicable law. The suit adds to Binance’s broader regulatory pressures, including EU licensing issues and separate allegations involving sanctioned Iranian transactions, which Binance denies. Reported losses include investors who lost tens of thousands of pounds, with one customer said to have lost more than £100,000.
