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BTC A British software engineer has sued the former operators of BitMEX, demanding the return of 324.8 bitcoins.
A British software engineer filed a lawsuit against HDR Global Trading, the operator of the now-defunct cryptocurrency derivatives exchange BitMEX, in the London Commercial Court. The lawsuit seeks the return of 324.8 bitcoins. The lawsuit was brought by Lewis Barber, who alleges that BitMEX conducted transactions with him without obtaining the necessary licenses from the Financial Conduct Authority (FCA).
There are disputes over both the transactions and regulatory compliance.
Barber’s claim states that between 2018 and 2022, he executed approximately 2,294 transactions on BitMEX using five separate accounts, mostly involving perpetual contracts. Of these transactions, 1,053 resulted in losses. Barber believes that each transaction constituted a regulated activity that required FCA approval, but BitMEX reportedly lacked such approvals.
According to the details of the claim, as of October 1st, the value of the bitcoins involved amounted to approximately 20.4 million pounds (approximately 27.2 million US dollars). Barber’s legal team argues that since BitMEX lacks regulatory status in the UK, these transactions are not valid under the Financial Services and Markets Act of 2000.
The complaint further states that BitMEX adopted aggressive marketing strategies targeting UK users, including allowing new users to choose Britain as their residence and conducting international promotions. This included an advertisement published in the Times magazine in January 2019. The document cites a warning issued by the FCA in March 2020, suggesting that BitMEX might be operating in the UK without authorization.
Barber has filed a claim for damages on the grounds of fraud, claiming that BitMEX made implied false statements regarding its legal status. According to the legal documents, Barber’s lawyers informed BitMEX in December 2025 of their intention to cancel the related transactions. Barber’s lawyers believe that other British traders who have engaged in similar transactions with BitMEX may also have similar claims, with potential liability amounting to hundreds of millions of pounds.
Currently, this legal lawsuit has been submitted but not yet officially delivered to BitMEX. A spokesperson for HDR Global Trading stated that the company has not received any official documents regarding this claim.
There are also other legal challenges and political implications involved.
BitMEX is also facing other legal issues, including a class action lawsuit in New York, which alleges that BitMEX was involved in Bitcoin theft and insider trading. The lawsuit lists three co-founders of the exchange: Arthur Hayes, Ben Delo, and Samuel Reed.
These three co-founders admitted in 2022 that they had violated the Bank Secrecy Act, as they did not have adequate anti-money laundering measures in place. BitMEX itself pleaded guilty to similar violations in 2024, and in January 2025, it was ordered to pay a fine of $100 million.
In March 2025, President Donald Trump granted amnesty to Hayes, Delo, and Reed. According to CNBC, each co-founder agreed to pay a fine of $10 million to settle the case. Hayes confirmed this amnesty on the social media platform X.
Seladore Legal’s partner, Gareth Keillor, emphasized that there may be additional claims against BitMEX by individuals in the UK. However, the validity of each claim will depend on specific transaction history and facts.
Additionally, Ben Delo made headlines for donating £36 million to the UK Reform Party, marking the largest single political donation in British history.
BitMEX gradually ceased its operations
. After announcing plans to close down its exchange in July, BitMEX officially stopped serving its trading services on September 23rd. The company confirmed that after a two-month transition period, all trading activities will end at 04:00 UTC on Wednesday.
While users can still access their accounts and withdraw funds, the exchange no longer accepts new deposits or new trades. BitMEX stated that all customer funds are safe, and users were encouraged to withdraw any remaining balances as soon as possible.
In an environment characterized by ongoing legal and regulatory uncertainties, this case highlights the importance of minimizing operational risks and keeping a close eye on changes in the cryptocurrency industry. In a market where decisions by the Federal Reserve or the sudden launch of new cryptocurrencies can change everything in just seconds, investors are losing money by switching between different applications to check charts, news, and track their portfolios. Smart traders are now using privacy-oriented tools like CryptoApps to integrate all necessary features into one place. Without the hassle of creating separate accounts, users can get real-time charts, smart price alerts, exclusive news about specific currencies, and important macroeconomic data all in one place.
