UK investors sue Binance and founder Zhao Changpeng for US$200 million
AI Summary
Nearly 1,700 UK investors are suing Binance and its founder Zhao Changpeng for $200 million, alleging the sale of risky, complex derivatives without regulatory approval. The investors claim significant losses due to leveraged products promoted by Binance from 2019 onward.
Almost 1,700 British investors are suing Binance and founder Zhao Changpeng for at least £150 million (US$200 million), alleging the crypto trading platform sold them risky, complex derivative products without regulatory authorisation. The claimants, some of whom said they had lost tens of thousands of pounds, allege Binance entities knowingly sold investments such as leveraged products, which can amplify gains or losses, from late 2019 and promoted them in breach of the Financial Services...