BitMEX operator sued for £20m over unregulated crypto derivatives

A British software engineer, Lewis Barber, has filed a £20 million lawsuit against HDR Global Trading Limited, the operator of the now-defunct cryptocurrency derivatives exchange BitMEX. The claim, filed at the High Court, alleges that BitMEX offered and promoted crypto derivative products to investors in the United Kingdom without the necessary authorization from the Financial Conduct Authority (FCA).

Barber contends that under the Financial Services and Markets Act 2000, the contracts entered into for these trades are void. He is seeking restitution for Bitcoin losses incurred through trading between 2018 and 2022. The lawsuit alleges that BitMEX conducted global promotional campaigns that did not exclude the UK, including advertisements in major publications like The Times.

Legal representatives for Barber suggest he may represent one of thousands of non-professional investors in the UK who suffered significant losses due to the sale of unregulated derivative products. While the claim has been filed, it has not yet been served to the operator.