About 1,700 UK investors file class action against Binance, claiming 150 million pounds

CoinFeed July 1 news, according to Reuters, about 1,700 UK investors have filed a class action lawsuit against Binance and its founder Changpeng Zhao in the London High Court, claiming at least 150 million pounds (about 200 million U.S. dollars), accusing the crypto exchange of selling risky complex derivatives such as leveraged products to UK retail customers without regulatory authorization since late 2019, violating the Financial Services and Markets Act. Some plaintiffs said they lost tens of thousands of pounds. A Binance spokesperson said it will defend its position but declined to comment further on the pending lawsuit. The UK Financial Conduct Authority banned crypto companies from offering derivatives to retail customers in 2021, and Binance subsequently took some measures to restrict access by UK users. Binance's main license is located in the UAE, and its license application in Greece failed this month.