Binance and its founder Changpeng Zhao are facing a lawsuit seeking nearly $200 million from British investors in UK courts, Reuters reported.
The filing marks another legal exposure for the exchange and its leadership as Binance navigates enforcement pressure across jurisdictions. The UK Financial Conduct Authority banned Binance's domestic entity in June 2023, citing gaps in anti-money-laundering controls and customer onboarding practices. Zhao stepped down as CEO in November 2023 and pleaded guilty to failing to maintain effective anti-money-laundering controls at the exchange.
UK courts have emerged as a venue for crypto-related disputes in recent years. The choice reflects both the scale of British investor exposure to the sector and the legal system's willingness to hear cases against major platforms. Reuters did not provide details on the specific allegations or which investors filed the claim.
The lawsuit adds to Binance's outstanding legal obligations. The exchange and Zhao have faced regulatory actions in multiple countries, including a $4.3 billion settlement with US authorities announced in November 2023 related to anti-money-laundering failures and violations of sanctions rules.
No court date or next hearing has been announced. The outcome could shape how UK courts handle enforcement claims by retail investors against exchanges operating without domestic authorization.