A legal challenge has been initiated against the cryptocurrency exchange BitMEX, centered on the company’s historical operations in the United Kingdom. The lawsuit, filed at the High Court by software engineer Lewis Barber, seeks £20 million in damages. Barber alleges that BitMEX marketed and sold cryptocurrency derivative products to UK-based investors without the necessary authorization or regulation from the Financial Conduct Authority (FCA).

The core of the legal argument rests on the Financial Services and Markets Act 2000. Barber contends that because BitMEX was not a regulated entity at the time these products were offered, the contracts entered into by investors are legally void. Consequently, the claim asserts that consumers who suffered losses while trading on the platform are entitled to a full refund of their lost bitcoin. Ben Delo, a co-founder of the exchange and a notable donor to the Reform UK political party, is named in the context of the company's founding. As of the current reporting, the claim has been filed with the court but has not yet been formally served to BitMEX, meaning the company has not yet had the opportunity to respond to the specific allegations in a legal capacity.