French Investors Sued Binance For Damages of More Than €2.4 Million.



A lawsuit has been filed against Binance France and Binance Holdings Limited for allegedly engaging in deceptive business practices and fraudulent concealment.

According to local media sources, 15 investors in France are suing Binance France and its parent company Binance Holdings Limited for alleged deceptive business practices and fraudulent concealment.

In a case submitted on December 14, the plaintiffs said Binance had broken French law by publicizing and offering cryptocurrency services before being registered in that nation. According to Cointelegraph, Binance will receive a license to distribute digital assets in May 2022 from France's financial market regulator, the Autorité des marchés financiers. With the license, the cryptocurrency exchange provided services, including asset custody and crypto trading.

Screenshots of Binance's social media activity, including a Telegram channel called "Binance French," are allegedly included in the complaint. The plaintiffs further assert that they lost more than 2.4 million euros due to TerraUSD's (UST) collapse, despite Binance's claims that the US dollar backed the token.