How many UK investors are pursuing legal action against Binance?

Question

Accepted Answer

Nearly 1,700 UK Investors Pursue Legal Action Against Binance

Approximately 1,700 British investors have initiated legal proceedings against the cryptocurrency exchange Binance. This action stems from allegations that Binance offered traders financial instruments not approved by United Kingdom regulators. The investors are collectively seeking £150 million in compensation.
Lawsuit Filed in UK High Court

The legal action was formally lodged on Monday at the UK High Court. This marks a significant step by the investors to seek redress for alleged financial harm. The court will now consider the claims brought against the cryptocurrency exchange.
Allegations of Unapproved Financial Instruments

Investors claim that between 2019 and 2020, Binance engaged in advertising campaigns to promote products that were not in compliance with British law. These products are described as risky financial instruments that lacked the necessary approval from UK regulators. The core of the lawsuit revolves around the legality and regulatory compliance of these offerings.
Significant Compensation Sought

The group of nearly 1,700 investors is demanding a total of £150 million (equivalent to RM811 million) in compensation. This substantial sum reflects the alleged financial losses incurred by these individuals. Lawyers representing the investors have stated their determination to hold Binance and its founder, Changpeng Zhao, accountable for the harm suffered by ordinary people who invested significant savings.

Reading history

Hide →

This history is cleared when the page is closed.

How many UK investors are pursuing legal action against Binance?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends