A group of French investors have recently filed a complaint against the local division of Binance for misrepresentation and non-compliance with the laws of the country.
According to Reuters, the clients of the exchange turned to the prosecutor’s office in Paris. According to them, Binance conducted marketing campaigns on Instagram and Telegram before receiving approval to work from the country’s authorities.
According to local media, the complaint was filed on December 14 on behalf of 15 investors. They also claim the exchange advertised the algorithmic stablecoin UST as backed by the US dollar. After the collapse of Terra, they allegedly lost more than €2.4 million.
The French division of Binance has noted that it did not conduct marketing campaigns during the period under review.