1,692 UK Investors Sue Binance, CZ Over Unauthorized Derivatives Sales on June 29

According to The Block, nearly 1,700 UK investors filed a group lawsuit against Binance, founder Changpeng 'CZ' Zhao, and Abu Dhabi-based Nest Exchange in London's High Court on June 29, alleging the exchange sold unauthorized crypto derivatives to retail traders without regulatory approval.

The claim, filed by KP Law on behalf of 1,692 claimants, alleges the defendants sold leveraged tokens, cryptocurrency futures, options, and margin trading products from around September 2019 in breach of the UK's Financial Services and Markets Act. Claimants are seeking recovery of funds and damages, with the group pursuing more than £150 million ($200 million) in total. A Binance spokesperson told The Block the exchange remains committed to defending the claims through the appropriate legal process.