A British software engineer is suing the operator of BitMEX for the return of 324.8 BTC, arguing the exchange had no UK authorization for his trades. His lawyers say other UK traders may have similar claims.
Lewis Barber, a British software engineer, is suing the operator of BitMEX for 324.8 BTC, alleging the exchange traded with him in the UK without regulatory approval. The claim says the Bitcoin was worth £20.4 million on October 1, or about $27.2 million by Decrypt's calculation.
What the claim alleges
Barber brought the claim against BitMEX operator HDR Global Trading. He entered into around 2,294 trades on the exchange between 2018 and 2022 from five accounts, and the claim challenges the 1,053 that lost him money.
All of them were perpetual swaps, a derivative similar to a futures contract but with no expiry date. The claim argues that each trade was a regulated activity BitMEX was not authorized to carry out in the UK, so none can be enforced against Barber under the Financial Services and Markets Act 2000.
The claim also says BitMEX did not restrict access from the UK, let new users select it as their country of residence, and ran promotional campaigns worldwide. It cites a March 2020 FCA warning that BitMEX may have been trading regulated investments in the UK without authorization.
BitMEX disputes service of the claim
Barber also claims damages for deceit. His solicitors wrote to BitMEX rescinding the trades in December 2025, the claim says.
The claim has been filed but not yet formally served, the Guardian reported. A BitMEX spokesperson told the newspaper: "No such claim has been served on HDR Global Trading Limited."
BitMEX shut down on September 23, having announced in July that it would close. The exchange also faces a proposed class action in New York alleging theft of Bitcoin and insider trading, which names co-founders Ben Delo, Arthur Hayes and Samuel Reed.
Other UK traders may follow
The three co-founders pleaded guilty in 2022 to violating the Bank Secrecy Act through anti-money laundering failures at the exchange. President Donald Trump pardoned them in March 2025.
Barber's law firm, Seladore Legal, said many other investors are likely to be in a similar position, putting the potential total at hundreds of millions of pounds. Partner Gareth Keillor said whether any individual has a claim will depend on the particular facts and trading history.
Source: Decrypt
Trading involves risk.
Risk Disclaimer
