Nearly 1,700 UK investors sue Binance and CZ for $200M over unlicensed derivatives

UK investors are suing Binance and founder Changpeng Zhao for 150 million pounds, alleging the exchange illegally offered crypto derivatives to retail customers without regulatory approval.

• The lawsuit claims Binance's leverage tokens, futures and options breached UK financial law after the FCA banned such products for retail customers in 2021.
• One investor lost over $132,000 through Binance's derivatives products, according to the Financial Times.
• Binance said it will defend against the claims through the appropriate legal process.
• The exchange faces additional scrutiny over alleged ties to sanctioned Iranian entities.
• The case was filed in London's High Court, with Nest Exchange also named as a defendant.

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