How much compensation are the 1,700 UK investors seeking from Binance?

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Nearly 1,700 UK Investors Are Seeking £150 Million in Compensation from Binance

Approximately 1,700 British investors have initiated legal action against the cryptocurrency exchange Binance, seeking a total of £150 million (RM811 million) in compensation. This lawsuit stems from allegations that Binance promoted financial products between 2019 and 2020 that were not compliant with United Kingdom regulations. The legal filing occurred in the UK High Court, with investors asserting they have suffered significant financial harm due to these allegedly unlawful offerings.
Allegations of Non-Compliant Product Promotion

The core of the lawsuit revolves around Binance's alleged use of advertising campaigns during 2019 and 2020. These campaigns are accused of promoting financial instruments that did not adhere to the legal framework established by British authorities. Investors contend that these products were not approved by UK regulators, exposing them to undue risk.
Significant Financial Harm Cited by Investors

Lawyers representing the investors highlighted that their clients are ordinary individuals who invested substantial savings and have experienced tangible financial losses. The legal team expressed a commitment to holding both Binance and its founder, Changpeng Zhao, accountable for the alleged harm. This action underscores a broader concern about consumer recourse within the cryptocurrency market when issues arise.
Legal Action Filed in UK High Court

The formal legal proceedings against Binance were lodged in the UK High Court. This move signifies a direct challenge to the exchange's practices concerning product promotion and regulatory compliance within the United Kingdom. The investors' pursuit of £150 million reflects the scale of the alleged damages they have sustained.

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How much compensation are the 1,700 UK investors seeking from Binance?

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