A UK software engineer has filed a claim in London’s Commercial Court against HDR Global Trading Limited, the operator of BitMEX, seeking the return of 324.8 BTC.
The claim values that Bitcoin at £20.4 million as of 1 October, or about $27 million. The Guardian first reported the filing.
The claim has been filed but not yet formally served. BitMEX said: “No such claim has been served on HDR Global Trading Limited.” None of the allegations have been tested in court.
What the claim says
The claimant, Lewis Barber, made about 2,294 trades across five BitMEX accounts between 2018 and 2022. All were perpetual swaps, a derivative similar to a futures contract with no expiry date.
He is challenging 1,053 of those trades, the ones on which he lost money.
The claim argues each trade was a regulated activity that BitMEX was not authorised to carry out in the UK. On that basis, it says none of the trades can be enforced against him under the Financial Services and Markets Act 2000.
Barber’s solicitors wrote to BitMEX in December 2025 to rescind the trades.
Why he says BitMEX targeted UK users
The claim alleges BitMEX did not block UK access and let new users select the UK as their country of residence.
It also points to worldwide promotions, including a January 2019 advertisement in The Times.
It cites a March 2020 warning from the Financial Conduct Authority (FCA) that BitMEX may have been carrying on regulated investment business in the UK without authorisation.
Barber also claims damages for deceit. He alleges BitMEX knew it was unauthorised while implicitly representing that it could lawfully trade with him. BitMEX had not responded to the substance of the claim at the time of writing.
Could more claims follow?
Barber’s law firm, Seladore Legal, said many other UK investors may have similar claims, which it suggested could total hundreds of millions of pounds.
Partner Gareth Keillor said any individual claim would depend on that person’s own facts and trading history.
BitMEX also faces a proposed class action in New York, BKX Services Inc v. HDR Global Trading Limited, which alleges Bitcoin theft and insider trading and names co-founders Arthur Hayes, Ben Delo and Samuel Reed. Those allegations are also unproven.
BitMEX’s legal history
BitMEX was one of the first exchanges to offer perpetual swaps, and its legal record is long.
In 2022, its three co-founders pleaded guilty to Bank Secrecy Act violations linked to anti-money laundering failures. President Trump pardoned them in March 2025.
The exchange itself pleaded guilty to Bank Secrecy Act violations in 2024 and was ordered to pay $100 million in January 2025.
BitMEX announced in July that it would close, and it shut down on 23 September.
What happens next
The claim must be formally served before BitMEX is required to respond in court.
The case is likely to turn on whether BitMEX’s dealings with UK users counted as regulated activity, and what follows if they did. A ruling for Barber could encourage other UK traders to bring similar claims.
