Woofun AI reports that approximately 1,700 UK investors have initiated a class-action lawsuit against Binance and its founder Changpeng Zhao at the London High Court. The plaintiffs seek at least £150 million in compensation, alleging the exchange sold unauthorized complex derivative products to retail clients in violation of the Financial Services and Markets Act since late 2019.

A Binance spokesperson stated the company will defend its position but declined further comment on the pending litigation. The UK Financial Conduct Authority prohibited crypto derivatives for retail investors in 2021, prompting Binance to restrict access. Binance holds its primary license in the UAE, while a recent application in Greece was rejected.