KP Law has now issued proceedings in the English High Court on behalf of nearly 1800 consumers who say that, whilst living in England or Wales, they traded one or more of the following cryptocurrency derivative products on the Binance platform and suffered loss as a result: Futures Contracts, Leveraged Tokens, Options and/or Margin.
We continue to grow this claimant group with the aim of achieving justice for those affected. If you fall into above the description, you may also be able to join the claim.
Fill in the form below to check your eligibility to join the claim against Binance and find out more information.
It is the Claimants’ case that Binance offered and sold complex crypto derivative products – specifically, Futures Contracts, Leveraged Tokens, Options and Margin – to consumers in England and Wales through its online trading platform, when it was not authorised by the Financial Conduct Authority to do so.
You may be eligible to join the claim if all of the following apply to you:
Find answers to common questions about the Binance claim
Binance acted without the necessary authority to offer crypto derivative products to consumers in England and Wales. It is our belief that consumers can recover for losses they may have suffered by investing in or trading these products.”
A group action claim is a legal claim where a group of people have been affected by the same issue. When people join a group action, it strengthens their overall position and makes large organisations take the matter seriously.
Binance is one of the largest cryptocurrency exchanges in the world and offers users the ability to trade cryptocurrency-related products on their website, www.binance.com
The claim against Binance is for consumers who have suffered losses as a result of trading cryptocurrency derivative products on the Binance website whilst living in England or Wales.
This means:
A consumer is an individual who:
You must have traded in one or more of the following products:
If you have only traded in the spot market – in other words, you bought and sold cryptocurrency without buying any derivative products – you will not be eligible to join the claim. To check whether the products you traded are derivative products, please refer to the FAQ titled “Which Binance products are included in the claim?“
The claim covers four categories of products:
You can only take part in this claim if you invested in and traded one or more of the products listed above, as a consumer whilst based in England and Wales, and suffered losses as a result. Any other products you may have traded on the Binance platform are not relevant for the purpose of this claim. In particular, if you have only traded in the spot market – in other words, you bought and sold cryptocurrency without buying any derivative products – you will not be eligible to join the claim.
The claim does not cover losses from spot trading or other Binance services. Products currently outside the claim include:
Trading one of the products listed above does not automatically exclude you from the claim. If you also traded an included product (i.e. Leveraged Tokens, Futures Contracts, Options or Margin), you may be eligible to join the claim.
You will only be ineligible on product grounds if you traded solely in products that are not included in the claim. Other eligibility criteria will also apply. See “How do I know if I can make a claim?” for further details on eligibility.
If you are unsure which products you traded, please check or download your transaction history from your Binance account, if available. You can also complete our eligibility checker and KP Law will assess your eligibility.
Spot trading is the buying and selling of cryptocurrencies at the current market price (for example, buying Bitcoin and holding it in your account).
Spot trading on its own is not enough to qualify for this claim.
However, you may still be eligible if you also traded at least one of the following Binance products:
Other eligibility criteria apply. See “How do I know if I can make a claim?” for further details on eligibility.
No. The claim is intended for individuals who traded as consumers using their own money whilst based in England and Wales.
You will not be eligible if you:
If any of the above apply, you will not be eligible to participate in the claim, even if you traded Leveraged Tokens, Futures Contracts, Options or Margin.
You may still be eligible to participate in the claim provided that you lived in England or Wales when you traded in the relevant trading.
If you are unsure, you can register your interest and your personal circumstances will be assessed as part of the onboarding process. For more information, see “How do I know if I can make a claim?”
Provided you meet the eligibility criteria (for more information, see “How do I know if I can make a claim?”), you can sign up to the claim via KP Law’s website. After signing up, you will be asked to provide us with your Binance transaction history. Our team at KP Law will then assess your eligibility to join the claim, and be in touch with further details.
Yes, you can still sign up even if you cannot access a copy of your transaction history on the Binance platform, provided you are eligible for the claim (see “How do I know if I can make a claim?”).
When registering, please tell us that your transaction history is unavailable and, if possible, explain why. For example, your account may be closed, you may be unable to log in or your records may be incomplete. This will help our team understand your circumstances and consider what assistance may be available.
Once you’ve registered to join the claim against Binance, your claim will be allocated to our legal team, who will be in touch to explain the next steps.
We are unable at this stage to estimate the amount of damages you could receive, but our aim is to obtain compensation for any recoverable loss that you have suffered. This may vary depending on several factors – including, in particular, your individual trading activity.
Should you choose to sign up to the claim against Binance, we will assess your individual case with the assistance of our third-party loss analysis experts.
KP Law is running the claim on a “No Win, No Fee” basis under what is known as a Damages-Based Agreement (DBA). This means that, provided you comply with the terms of the agreement, you will pay nothing upfront and nothing if your claim is unsuccessful.
If your claim is successful, you will pay 30% plus VAT of the amount recovered, together with your share of the cost of an insurance policy, known as “After The Event” insurance, which is intended to protect you from opponent’s costs which you might otherwise have to pay. These amounts will be deducted from any compensation recovered on your behalf.
Termination fees may apply if you withdraw from the claim or fail to cooperate with KP Law.
For further guidance, see: How Does a No Win, No Fee Agreement Work?.
As a regulated law firm, our team of qualified professionals is legally bound to act in your best interests as a KP Law client. We are committed to the highest levels of security and client care. KP Law will never ask you to send money or provide bank details. If you ever receive an email or phone call that you are concerned about, you can contact our team directly on binanceclaim@kpl.co.uk or by calling the phone number on our website.
KP Law is the law firm leading the case against Binance.
We are regulated by the Solicitors Regulation Authority, and specialise in complex group actions and multi-claimant cases. Our experienced team has represented hundreds of thousands of workers and consumers, standing up to some of the UK’s largest and best-resourced organisations.
Our expertise is independently recognised: The Legal 500 ranks KP Law as a Tier 1 firm for claimant group litigation in London. We are also a founding member of the Collective Redress Lawyers Association (CORLA), which works to improve access to justice through use of group claims.
The Binance Crypto Derivatives Mis-selling Claim is led by a team of specialist lawyers, including Partner Hannah Sharp and Legal Director Carter Young who are supported by an experienced team of associates and paralegals.
KP Law is dedicated to keeping you up to date throughout your claim. Please look out for emails from binanceclaim@kpl.co.uk and consider adding the address to your ‘Safe senders’ list so you do not miss an update.
As a regulated law firm, our team of qualified professionals is legally bound to act in your best interests as a KP Law client. We are committed to the highest levels of security and client care. KP Law will never ask you to send money or provide bank details. If you ever receive an email or phone call that you are concerned about, you can contact our team directly on binanceclaim@kpl.co.uk or by calling the phone number on our website.