How did Binance allegedly promote unapproved products in the UK?

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Binance Allegedly Promoted Unapproved Financial Products in the UK Through Advertising Campaigns

Nearly 1,700 British investors have initiated legal action against the cryptocurrency exchange Binance, seeking approximately £150 million (RM811 million) in compensation. The core of the claim, filed in the UK High Court, centres on allegations that Binance promoted and offered financial instruments between 2019 and 2020 that were not compliant with British law and had not received approval from UK regulators.
Use of Advertising Campaigns for Non-Compliant Products

The lawsuit specifically alleges that during the 2019-2020 period, Binance employed advertising campaigns to market products that were not in accordance with British legal requirements. These campaigns are cited as the method through which investors were allegedly exposed to and encouraged to engage with these unapproved financial instruments.
Investors Claim Offering of Risky, Unapproved Instruments

Investors contend that Binance provided traders with access to risky financial instruments that lacked the necessary authorisation from UK regulatory bodies. This alleged offering of unapproved and potentially hazardous products forms the basis of the legal challenge brought forth by the nearly 1,700 individuals.
Legal Action Filed in UK High Court Seeking Substantial Compensation

The collective group of British investors has formally lodged their lawsuit in the UK High Court, seeking a total of £150 million in compensation for the alleged financial harm suffered. Lawyers representing the investors stated their determination to hold Binance and its founder, Changpeng Zhao, accountable for what they describe as consumers having limited recourse in the cryptocurrency market when issues arise.

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How did Binance allegedly promote unapproved products in the UK?

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