In a bold decision thousands of UK investors are plannings to sue cryptocurrency exchange platform Binance.

Almost 1,700 British investors are suing Binance and founder Changpeng Zhao for at least £150 million ($200 million), alleging the crypto trading platform ‌sold them risky, complex derivative products without regulatory authorization.

The claim centers on the period from 2019 onwards, during which Binance offered UK consumers access to derivative products—such as futures contracts, options, and leveraged tokens that were later deemed unsuitable for retail investors

As per the claimants, they had lost tens of thousands of pounds. They allege that Binance entities knowingly sold investments such as leveraged products, which can amplify gains or losses, from late 2019 and promoted them in breach of the Financial Services and Markets Act.

In response, Binance, the world's largest crypto exchange company vowed to defend itself but declined to comment further on ongoing litigation.

The crypto exchange company spokesperson said, "Binance remains committed to its obligations to users and to operating in accordance with applicable ‌law."

The London High Court case is being brought against Cayman Islands-registered Binance Holdings, UAE-registered Nest Exchange, Zhao known as "CZ" and "persons unknown", who operate the Binance trading platform.

Britain's financial regulator, the Financial Conduct Authority (FCA) banned crypto companies from offering derivatives to retail customers in 2021 and Binance took some steps to restrict UK access, requiring them to complete additional information.

Binance is also reportedly set to lose its EU license bid, while crypto exchanges were giving traders a way to make risky bets on future share prices.