A British software engineer is demanding 324.8 Bitcoin—valued at approximately $26.5 million—from Bitmex's parent company HDR Global Trading Limited over 1,053 losing derivatives trades executed between 2018 and 2022.
Lewis Barber, from Chelford, Cheshire, filed a High Court claim in London asserting that Bitmex conducted regulated financial activities in the United Kingdom without authorization from the Financial Conduct Authority (FCA). Under Britain's Financial Services and Markets Act 2000, this alleged regulatory breach could render the disputed contracts unenforceable.
The claim targets perpetual swaps—the derivatives instrument Bitmex pioneered in crypto trading. Perpetual contracts allow traders to speculate on crypto prices without expiration dates. Barber executed approximately 2,294 trades across five accounts; the lawsuit disputes only losing positions.
Barber's legal representatives at Seladore Legal filed formal rescission arguments in December 2025, citing deceit, negligent misrepresentation and mistake. They contend Bitmex presented itself as legally authorized to facilitate these trades.
The regulatory argument has historical backing. The FCA issued a public warning on March 3, 2020, stating Bitmex operated without authorization and actively targeted British consumers. The claim also references a January 2019 advertisement Bitmex placed in The Times newspa. Gareth Keillor, a partner at Seladore Legal, suggested the case could have broader implications. Other British traders likely entered comparable contracts with Bitmex, though their recoverability would depend on specific circumstances.
HDR Global Trading Limited, the Seychelles-incorporated entity operating Bitmex, has not been formally served. Bitmex confirmed it received no such claim.
Bitmex ceased trading operations on Sept. 23, 2026, following a strategic review and orderly wind-down, though existing users could still withdraw funds. Barber seeks either the original Bitcoin in-kind or equivalent damages plus interest.
