Binance faces £250m UK class action as 1,000 more investors join claim
A further 1,000 UK retail investors have joined a group lawsuit against Binance and founder Changpeng Zhao, raising the claimant pool to about 2,700 and the estimated claim value to £250 million.
A group legal action in England and Wales against cryptocurrency exchange Binance and its founder Changpeng Zhao has expanded by 1,000 additional UK retail investors, bringing the total number of claimants to around 2,700. The lawsuit, filed in the High Court in June, alleges that Binance offered complex, high-risk derivative products that were not authorised by the Financial Conduct Authority. These contracts, which used leverage and allowed speculation on cryptocurrency prices, were marketed to UK users from late 2019 to early 2020 via emails, social media and other campaigns.
Plaintiffs claim the unauthorised products caused substantial financial losses, with many investors losing tens of thousands or even millions of pounds. KP Law, the claimants' counsel, says the eventual payout could exceed one outlet £250 million estimate. Binance has declined to comment on the litigation, stating it will defend the claims through legal channels.
Why it matters
The case highlights regulatory risks for retail investors in unapproved crypto products and could shape future UK crypto oversight.
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