Fifteen investors in France have filed a lawsuit against Binance France and its parent company, Binance Holdings Limited, for allegedly engaging in misleading commercial practices and fraudulent concealment.

Court documents include evidence of Binance’s social media activity prior to its registration in France, such as a Telegram channel called “Binance French,” and the plaintiffs claim to have suffered losses totaling more than €2.4 million resulting from the collapse of TerraUSD, a stablecoin that Binance had advertised as backed by the US dollar.

In response, Binance France has denied any promotional activities within the country during the relevant period and emphasized that users can voluntarily join Telegram groups.

Additionally, Binance has stated that it always includes market risk warnings for crypto products and has strengthened its descriptions.