A cryptocurrency exchange founded by Ben Delo, a billionaire donor to the Reform UK party, is facing a £20 million lawsuit. The claim, filed by software engineer Lewis Barber, alleges that BitMEX mis-sold financial products in the UK without proper regulation. Barber asserts that the exchange offered crypto derivative products despite not being authorized by the Financial Conduct Authority (FCA).
Barber claims he lost bitcoin worth £20 million between 2018 and 2022 through trading derivatives on BitMEX. The claim, filed at the high court but not yet served on BitMEX, argues that such contracts are void under the Financial Services and Markets Act 2000, entitling consumers to restitution for any lost bitcoin. BitMEX, based in the Seychelles, voluntarily closed in September 2026.
Barber’s lawyers suggest he may be one of thousands of non-professional investors in the UK who suffered losses due to BitMEX’s alleged breach of FCA rules and consumer protection laws. The claim highlights that BitMEX conducted global promotional campaigns, including an advertisement in the Times on 3 January 2019, and did not exclude the UK from its reach. The FCA issued a warning in March 2020 about BitMEX’s potential unauthorized trading in the UK.
A spokesperson for BitMEX stated that no such claim has been served on HDR Global Trading Limited, the owner and operator of the exchange. Gareth Keillor, a partner at Seladore Legal representing Barber, noted that the case could have broader implications for other UK investors who traded with BitMEX. The lawsuit seeks the return of all lost bitcoin or equivalent damages, which could amount to hundreds of millions of pounds if successful.