More than 1,000 people in England and Wales have joined a group action legal claim against crypto trading platform Binance and its founder, Changpeng Zhao, in the first action of its kind in the UK. The claim now represents approximately 2,700 consumers globally, class action specialist firm KP Law said today. 

It made the announcement as the Financial Conduct Authority opened the authorisation gateway for the UK’s new crypto asset regulatory regime, designed to protect investors in the sector. Binance is expected to apply for a licence under the regime, which will come into force on 25 October 2027.

The group claim, filed in the High Court June, is brought on behalf of consumers who traded cryptocurrency derivative products on the…