Binance and founder sued by crypto investors in London lawsuit

Binance is facing a UK High Court lawsuit from 1,692 investors who claim the exchange sold risky derivative products to retail customers in 2019-2020 without UK regulatory approval. Claimants are seeking up to £150mn in damages and allege Binance used promotional campaigns, social media and email to market products that were not authorised under the Financial Services and Markets Act. The case adds to Binance’s wider regulatory and legal troubles after its 2021 UK ban, its 2023 US guilty plea and multi-billion-dollar penalties, and its recent failure to secure an EU crypto licence. The article underscores ongoing regulatory pressure on crypto exchanges and may reinforce bearish sentiment toward Binance-linked crypto trading practices, while also highlighting continued caution from UK regulators over retail crypto risk. Bitcoin is mentioned in the context of a broader weakening crypto market, trading below $60,000 and nearly halved over the past year.