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Almost 1,700 British investors are seeking at least £150 million, or about $200 million, from Binance and Changpeng Zhao, according to Reuters. The case was filed in London’s High Court and names Binance Holdings, UAE-registered Nest Exchange, Zhao and “persons unknown” linked to the Binance trading platform.

The claimants allege Binance sold risky and complex crypto derivative products without the needed regulatory authorization. They say the products included leveraged tokens, futures contracts and options, which can raise gains but also deepen losses when markets move against traders.