Barber claims he lost bitcoin worth £20m through trading derivatives on BitMEX between 2018 and 2022. His legal team argues he may be one of thousands of non-professional investors who sustained heavy losses from unregulated products. The claim, filed at the High Court but not yet served on BitMEX, contends that consumers are entitled to restitution.
Barber's statement of claim says BitMEX "conducted promotional campaigns on a worldwide basis and did not exclude the United Kingdom from their reach", and notes that the FCA issued a warning in March 2020 that BitMEX may have been trading in regulated investments without authorisation.
A spokesperson for BitMEX told The Guardian: "No such claim has been served on HDR Global Trading Limited." Gareth Keillor, partner at Seladore Legal representing Barber, said: "This is a substantial claim concerning losses sustained by Lewis over a number of years. The proceedings may also have wider relevance. Other UK-based persons may have entered into similar contracts with BitMEX."
The case emerges after BitMEX's voluntary closure on 23 September 2026 following a strategic review. The Seychelles-based company also faces a multimillion-dollar class action in New York alleging theft of bitcoin and insider trading, which it has vigorously denied. Ben Delo, a co-founder, recently donated a record £36m to the Reform party.