Cryptocurrency exchange founded by Reform donor Ben Delo sued for £20m
Former investor alleges BitMEX sold products in UK despite not being regulated by Financial Conduct Authority A cryptocurrency exchange founded by the billionaire Reform UK donor B
By The Guardian
BitMEX, the cryptocurrency exchange founded by Reform UK donor Ben Delo, is facing a £20m claim from a former investor who alleges that financial products were sold to UK customers without approval from the Financial Conduct Authority.
Lewis Barber, a software engineer, has filed the claim at the High Court against HDR Global Trading Limited, the company identified as the owner and operator of BitMEX.
Barber alleges that he traded cryptocurrency derivatives through BitMEX between 2018 and 2022 and lost Bitcoin worth about £20m. He is seeking the return of the Bitcoin or equivalent compensation.
The claim argues that BitMEX offered derivatives to UK investors without the required FCA authorisation. It relies on provisions of the Financial Services and Markets Act 2000, with Barber alleging that the contracts should be treated as void and the losses repaid.
Barber’s legal team claims he could be one of thousands of non-professional UK investors who suffered losses after trading derivatives through the exchange. The potential impact on other investors will depend on the outcome of the case.
The claim refers to an FCA warning issued on 3 March 2020. The regulator said BitMEX might have been conducting trading in regulated investments in the UK without authorisation.
BitMEX was voluntarily closed on 23 September 2026 following what the company described as a strategic review of the business.
A spokesperson for BitMEX said no such claim had been served on HDR Global Trading Limited.