A cryptocurrency exchange founded by Reform UK donor Ben Delo faces a £20m claim from a UK software engineer who says he lost bitcoin trading its derivatives. Lewis Barber alleges BitMEX sold financial products to UK investors without approval from the Financial Conduct Authority (FCA).
Barber filed the claim at the high court, but it has not yet been served on HDR Global Trading Limited, BitMEX’s owner and operator. The reported claim argues that contracts made in breach of the Financial Services and Markets Act 2000 are void and that consumers can recover bitcoin lost through those trades.
Cryptocurrency Exchange Founded by Delo Faces UK Claim
Barber says he lost bitcoin worth £20m through BitMEX derivatives between 2018 and 2022. The products amplified investors’ gains or losses as cryptocurrency values changed, according to the report.
His lawyers allege Barber may be one of thousands of non-professional UK investors who suffered heavy losses after BitMEX sold them derivatives in breach of FCA rules and consumer protection laws. The allegations remain claims in proceedings, and the company has not received the filing, according to its spokesperson.
Barber’s statement of claim says BitMEX “conducted promotional campaigns on a worldwide basis and did not exclude the United Kingdom from their reach”. It also says the company placed at least one advertisement in The Times on 3 January 2019.
The filing cites an FCA warning issued on or around 3 March 2020. It said BitMEX may have been trading regulated investments in the UK without authorization, the claim states.
BitMEX Says Claim Has Not Been Served
A BitMEX spokesperson said: “No such claim has been served on HDR Global Trading Limited.” The statement does not address the allegations on their merits.
Gareth Keillor, a partner at Seladore Legal, which represents Barber, called the case substantial and said it concerned losses over several years. Keillor said Barber seeks the bitcoin he lost or equivalent damages, arguing UK law required authorization for the transactions.
Keillor said other UK-based people may have entered similar contracts, but whether they have claims would depend on their individual facts and trading histories. That possibility is a statement from Barber’s lawyer, not a finding by the court.
The case details emerged after BitMEX voluntarily closed on 23 September 2026 following what it described as a strategic review. The Seychelles-based company has faced other actions internationally. In New York, investors have brought a class action alleging bitcoin theft and insider trading; those claims have been vigorously denied.
Earlier BitMEX Cases And Delo’s Donation
Delo has also drawn attention in Britain for a £36m donation to Reform. He wrote in the Daily Telegraph that he gave the money because he wanted a “fair fight and a level playing field”.
Delo and BitMEX cofounders Arthur Hayes and Samuel Reed pleaded guilty in 2022 to US charges involving Bank Secrecy Act violations tied to alleged failures in anti-money-laundering procedures. They received non-custodial sentences and were pardoned by Donald Trump in March 2025.
BitMEX pleaded guilty in 2024 to Bank Secrecy Act violations over inadequate anti-money-laundering and know-your-customer programs. In January 2025, it was required to pay $100m (£75m) to the US Department of Justice.
Barber seeks the return of all bitcoin lost through BitMEX trading or damages for trades made over several years. His lawyers say a successful claim could leave the company facing hundreds of millions of pounds, though the court has not decided the case.
The lawsuit adds to business and financial-crime cases involving technology companies and founders. Readers can also see Grit Daily’s reporting on the AppliedAI founder’s plea and a separate exchange fraud case. For another account-focused allegation, see its report on a businessman’s arrest.
