BitMEX operator HDR Global Trading is facing a lawsuit in London’s Commercial Court over allegations it traded unlicensed derivatives with a UK software engineer and must return 324.8 BTC. The claim, filed by Lewis Barber, values the Bitcoin at about £20.4 million on October 1, or roughly $27.2 million, and states that the exchange entered into 2,294 trades with him between 2018 and 2022, including 1,053 losing trades that he is challenging.
Barber’s legal team argues the trades were perpetual swaps, which qualify as regulated activity in the UK. BitMEX was not authorized by the Financial Conduct Authority, so under the Financial Services and Markets Act 2000 none of the losing trades can be enforced against him. The claim also alleges that BitMEX did not restrict UK access, allowed users to select the UK as their country of residence, and ran global promotional campaigns, including a January 2019 advertisement in The Times. It cites a March 2020 FCA warning that the exchange may have been trading regulated investments without authorization.
Barber is also claiming damages for deceit, saying BitMEX knew it lacked authorization while implicitly representing it could lawfully trade with him. His solicitors wrote to BitMEX in December 2025 to rescind the trades. The Guardian reported the claim has been filed but not yet formally served; a BitMEX spokesperson said no such claim had been served on HDR Global Trading Limited.
The lawsuit adds to BitMEX’s legal history. The exchange shut down on September 23 after announcing its closure in July. Its co-founders pleaded guilty in 2022 to Bank Secrecy Act violations and were pardoned in March 2025 by President Donald Trump, while BitMEX itself pleaded guilty in 2024 and was ordered to pay $100 million in January 2025. Seladore Legal, Barber’s law firm, said other UK-based traders may have similar claims, potentially totaling hundreds of millions of pounds.
