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Binance Faces £250m Group Action over Alleged Unauthorised Crypto Sales
The claim covers around 2,700 retail investors and says Binance sold high-risk products without FCA authorisation, with losses reaching millions of pounds.
- More than 1,000 consumers in England and Wales have joined a legal group action against Binance and its founder, Changpeng Zhao, seeking over £250 million in the first such action in the United Kingdom.
- Claimants argue that Binance sold high-risk derivative products, including futures and options, without Financial Conduct Authority authorisation, allegedly allowing users to speculate on crypto prices using borrowed money under the Financial Services and Markets Act.
- Law firm KP Law represents approximately 2,700 consumers globally, many of whom suffered life-changing losses, with retail investors reporting losses of tens of thousands or millions of pounds since late 2019.
- Hannah Sharp, partner at KP Law, stated, "Binance have failed to cooperate with regulators," noting Binance Markets Limited was barred from regulated activity in 2021, yet continued selling derivative products.
- The Financial Conduct Authority opened its authorisation gateway for the new crypto asset regime today, September 30, 2026; Binance is expected to apply for a licence under rules taking effect on October 25, 2027.
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£250m lawsuit against crypto firm Binance grows with 1000 new investors
A thousand new UK-based retail investors have been added to a group legal claim against crypto trading platform Binace and its founder, alleging they were sold high-risk, complex products that did not have regulatory authorisation from the financial watchdog. There are now approximately 2,700 claimants in the case in England and Wales, with the total [...]
·London, United Kingdom
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Total News Sources51
Leaning Left3Leaning Right0Center42Last UpdatedBias Distribution93% Center
Bias Distribution
- 93% of the sources are Center
93% Center
C 93%
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