A group of 1,692 UK investors has filed a class action lawsuit against Binance and its founder and former CEO Changpeng Zhao (창펑 자오), seeking damages and compensation for losses. The claim, lodged at the London High Court, alleges Binance sold and promoted crypto derivatives to UK consumers without authorisation from 2019. Plaintiffs say the conduct breached UK financial law and are also seeking interest under the High Court Act 1981.

With the European Union\'s MiCA crypto rules set to take effect on July 1, unlicensed crypto firms and exchanges risk losing eligibility to serve European customers. That has accelerated moves by European crypto companies to consider entering the United Arab Emirates, especially Dubai. Legal consultations on setting up UAE entities and securing licences are rising, with many inquiries from Europe. Major exchanges also face pressure, while licensed rivals offer incentives to attract users.