Cryptocurrency exchange founded by Reform donor Ben Delo sued for £20m
Former investor alleges BitMEX sold products in UK despite not being regulated by Financial Conduct Authority A cryptocurrency exchange founded by the billionaire Reform UK donor Ben Delo is being sued for £20m over claims that the company mis-sold financial products in the UK. Lewis Barber, who is a software engineer, alleges that BitMEX offered crypto derivative products to investors in the UK,…
A cryptocurrency exchange founded by billionaire Reform UK donor Ben Delo is facing a £20 million lawsuit. The claim, filed at the high court, alleges that BitMEX sold products to UK investors despite lacking proper regulation from the Financial Conduct Authority (FCA). The plaintiff, Lewis Barber, a software engineer, asserts that BitMEX offered crypto derivative products without the necessary authorization, making the contracts void.
Barber claims he lost £20 million worth of bitcoin between 2018 and 2022 due to trading these unauthorized derivatives. If successful, Barber could seek the return of his lost bitcoin or compensation for the trades. BitMEX has not yet been served with the claim, and its spokesperson stated that no such claim has been filed. The case also highlights BitMEX's previous legal issues, including a 2022 guilty plea for violating the Bank Secrecy Act and a $100 million fine imposed in 2025 by the US Department of Justice.
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