Binance Faces £250m Group Action Over Alleged Unauthorized Crypto Sales

A group action claim against Binance and its founder Changpeng Zhao has gained momentum in the UK, with over 1,000 consumers joining the lawsuit.

The claim, led by law firm KP Law, alleges that Binance sold high-risk derivative products to UK users without proper authorization from the Financial Conduct Authority (FCA).

The FCA had banned Binance Markets Limited from regulated activities in the UK in June 2021, but the claimants believe that Binance continued to sell complex products to UK consumers.

The total value of claims issued so far is estimated at over £250m, with an eventual total expected to be significantly higher.