Lewis Barber, a software engineer from Chelford, Cheshire, has filed a High Court claim in London against HDR Global Trading Limited, the Seychelles-incorporated company operating Bitmex. His claim seeks 324.8 BTC—valued at approximately $26.5 million as of October 14, 2026—in restitution for losses on 1,053 losing trades conducted across five accounts between 2018 and 2022.
Barber's legal challenge centers on whether Bitmex operated without authorization from the Financial Conduct Authority (FCA) when offering regulated derivatives to British consumers. All disputed positions involved perpetual swaps, derivatives contracts that allow traders to speculate on cryptocurrency prices without an expiration date.
The legal argument draws on Britain's Financial Services and Markets Act 2000. Barber's lawyers contend that Bitmex conducted regulated financial activities without FCA authorization, potentially rendering the disputed contracts unenforceable. The claim also alleges deceit, negligent misrepresentation, and mistake.
The allegations reference an FCA warning issued on March 3, 2020, which stated that Bitmex was operating without authorization and targeting British consumers. Barber's legal representatives formally sought to rescind the transactions in December 2025.
Gareth Keillor, a partner at Seladore Legal representing Barber, suggested the implications could extend beyond his client, noting that other British traders may have entered comparable contracts with the exchange.
A Bitmex spokesperson stated that no such claim has been formally served on HDR Global Trading Limited. The dispute emerges after Bitmex ceased trading operations on September 23, 2026, following a strategic review and orderly wind-down, though withdrawals remained available.
Barber's allegations remain untested, and no hearing date has been announced. If the court accepts his interpretation of British financial law, the outcome could establish precedent for restitution claims from other traders who executed losing trades on the platform.
