BitMEX Hit With UK Lawsuit Over 324.8 BTC — Plaintiff Says Perpetual Swaps, Perpetual Problem ⚖️

A British software engineer is suing the operator of crypto derivatives exchange BitMEX in the United Kingdom for the return of 324.8 BTC, alleging the platform traded with him without regulatory approval. Lewis Barber filed the claim against HDR Global Trading in London, with the bitcoin worth £20.4 million on October 1, or roughly $27.2 million based on the claim's stated exchange rates, according to particulars reviewed by Decrypt and reporting from The Guardian.

Barber entered into approximately 2,294 trades on BitMEX from five accounts between 2018 and 2022. The claim challenges the 1,053 trades that resulted in losses, all of which were perpetual swaps, a derivative similar to a futures contract but with no expiry date. Each of those trades constituted a regulated activity that BitMEX was not authorized to carry out in the UK, the claim argues, meaning none can be enforced against Barber under the Financial Services and Markets Act 2000.

The filing alleges BitMEX did not restrict access from the UK, permitted new users to select the country as their residence, and ran global promotional activity including an advertisement in The Times in January 2019. It also cites a March 2020 warning from the Financial Conduct Authority that BitMEX may have been offering regulated investments in the UK without authorization. Barber is additionally seeking damages for deceit, alleging BitMEX implicitly represented it could lawfully trade with him while knowing it lacked authorization. His solicitors wrote to BitMEX rescinding the trades in December 2025.

The claim has been filed and not yet formally served on BitMEX, The Guardian reported. A BitMEX spokesperson told the newspaper, "No such claim has been served on HDR Global Trading Limited."

The exchange separately faces a proposed class action in New York alleging theft of $BTC and insider trading, naming co-founders Arthur Hayes, Ben Delo and Samuel Reed. All three pleaded guilty in 2022 to violating the Bank Secrecy Act through anti-money laundering failures at BitMEX and were pardoned by President Donald Trump in March 2025. BitMEX itself pleaded guilty to Bank Secrecy Act violations in 2024 and was ordered to pay $100 million in January 2025. BitMEX shut down on September 23 after announcing its closure in July, and Delo gave Reform UK £36 million in September, the largest single donation in British political history.