From 2019, Binance offered UK consumers access to complex financial products that were later deemed unsuitable for retail investors. We are now inviting impacted customers to join our claim against Binance to seek compensation for any losses suffered.
•Please note: KP Law work on a no-win, no-fee basis. This means that you pay nothing up front and, provided you keep to your contractual obligations, even if your claim is unsuccessful, you won't pay anything. Please see further information for details.
Please note: KP Law work on a no-win, no-fee basis. This means that you pay nothing up front and, provided you keep to your contractual obligations, even if your claim is unsuccessful, you won't pay anything. Please see further information for details.
Binance is one of the largest cryptocurrency exchanges globally. Through its website, www.binance.com, Binance offers users access to a range of cryptocurrency-related products, including spot trading and, in certain jurisdictions and subject to regulatory restrictions, cryptocurrency derivative products.
A cryptocurrency derivative is a financial contract whose value is derived from the price or performance of a cryptocurrency, such as Bitcoin or Ethereum, rather than from ownership of the cryptocurrency itself.
Binance promoted and/or made available cryptocurrency derivative products that were accessible to consumers in the United Kingdom. Cryptocurrency derivatives are regulated financial instruments, and their promotion to UK retail consumers is subject to the financial promotion restriction and, since January 2021, has been prohibited.
In June 2021, the FCA imposed restrictions on Binance Markets Limited, Binance’s UK-based entity, preventing it from carrying on regulated activities in the UK without prior written consent. In the Supervisory Notice, the FCA noted that products appearing to be crypto derivatives, which had been banned for sale to retail customers under FCA rules introduced in October 2020 (effective January 2021), were being marketed or sold through the binance.com platform, and that there appeared to be no effective barrier preventing UK customers from accessing them.
While the precise number of UK customers affected is not publicly known, Binance is one of the world’s largest cryptocurrency exchanges, meaning that a substantial number of users could potentially have been exposed to these issues.
KP Law have already been instructed by hundreds of impacted Binance customers.
Find answers to common questions about the Binance financial misselling claim
