Software engineer Lewis Barber sues BitMEX for £20m, alleging it sold unregulated crypto derivatives to UK investors, resulting in his losses between 2018 and 2022.
01Summary
- 01Lewis Barber, a software engineer, claims he lost bitcoin worth £20m trading crypto derivatives on BitMEX between 2018 and 2022.
- 02BitMEX is co-founded by Ben Delo, who donated £36m to Reform UK.
- 03The claim, filed at the High Court, argues the contracts are void under the Financial Services and Markets Act 2000 because BitMEX was not authorised by the Financial Conduct Authority (FCA).
- 04BitMEX's spokesperson said no claim has been served on HDR Global Trading Limited, the owner and operator of the exchange.
- 05BitMEX voluntarily closed on 23 September 2026, and faces other lawsuits including a class action in New York.
02Why it matters
This case could set a precedent for thousands of UK retail investors who may have lost money trading unregulated crypto derivatives, potentially leading to significant compensation claims against offshore exchanges.
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