BitMEX operator sued in High Court over alleged unauthorised UK derivatives sales
Software engineer Lewis Barber has filed a High Court claim against BitMEX's owner, HDR Global Trading, saying it sold crypto derivatives in the UK without FCA authorisation. BitMEX says no claim has been served on it. The Guardian puts his losses at £20m and the Mirror says he expects to recover more than £10m.
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The story, neutrally told
Left · 2Lewis Barber, a software engineer, has filed a claim at the High Court in London against HDR Global Trading Ltd, the holding company that owns and operates the BitMEX crypto derivatives exchange. The GuardianLC “Barber’s claim is against HDR Global Trading Limited, the owner and operator of the BitMEX cryptocurrency derivatives exchange” Read at The Guardian ↗ Daily MirrorL “The action is against BitMEX's holding company HDR Global Trading Ltd, and does not name individual executives.” Read at Daily Mirror ↗ Left · 2He alleges BitMEX offered crypto derivative products to UK investors without being authorised by the Financial Conduct Authority (FCA), and that under the Financial Services and Markets Act 2000 such contracts are void and he is entitled to restitution of the bitcoin he lost. The GuardianLC “under the Financial Services and Markets Act 2000 such contracts are void and that consumers are entitled to restitution of any bitcoin lost on those trades” Read at The Guardian ↗ Daily MirrorL “"At no material time was the Defendant authorised by the Financial Conduct Authority to carry out regulated activities in the United Kingdom ."” Read at Daily Mirror ↗ Left · 2The Guardian reports that Barber says he lost bitcoin worth £20m trading BitMEX derivatives between 2018 and 2022, while the Daily Mirror reports that the claim form says he "expects to recover more than £10,000,000" and demands 324.84 Bitcoin "and/or damages and interest". The GuardianLC “Barber claims that he lost bitcoin between 2018 and 2022 to the value of £20m” Read at The Guardian ↗ Daily MirrorL “He is demanding 324.84 Bitcoin "and/or damages and interest". The form states: "The Claimant expects to recover more than £10,000,000."” Read at Daily Mirror ↗
Left · 1The Mirror says Barber, from Chelford, Cheshire, opened five accounts with the firm between 2018 and 2022, and seeks compensation for "deceit and/or negligent misrepresentation and/or mistake". Daily MirrorL “Mr Barber claims he opened five accounts with the firm between 2018 and 2022 when it should not have taken his business.”“Mr Barber is seeking compensation "as a consequence of deceit and/or negligent misrepresentation and/or mistake," the papers state.” Read at Daily Mirror ↗ Left · 1According to the Guardian, the statement of claim says BitMEX ran promotional campaigns worldwide without excluding the UK, including an advertisement in the Times on 3 January 2019, and that the FCA warned around 3 March 2020 that the firm might be trading in regulated investments without authorisation. The GuardianLC “The Defendant placed at least one advertisement in the Times (published on 3 January 2019) which promoted the Defendant”“On or around 3 March 2020, the FCA issued a warning that the Defendant may have been conducting trading in regulated investments in the United Kingdom without FCA authorisation.” Read at The Guardian ↗ Left · 2Barber's solicitor, Gareth Keillor of Seladore Legal, called it "a substantial claim" and said other UK-based people may have entered similar contracts, though any individual claim would depend on the facts and trading history. The Guardian adds that the lawyers say Barber may be one of thousands of non-professional UK investors who lost heavily, and that a successful claim could cost BitMEX hundreds of millions of pounds. The GuardianLC “Should Barber be successful in his claims, the bill for BitMEX could run into hundreds of millions of pounds, it is claimed by his lawyers.” Read at The Guardian ↗ Daily MirrorL “Other UK-based persons may have entered into similar contracts with BitMEX, although whether any individual has a claim will depend on the particular facts and trading history.” Read at Daily Mirror ↗
Left · 2A BitMEX spokesperson said: "No such claim has been served on HDR Global Trading Limited"; the Guardian notes the claim has been filed but not yet served. The GuardianLC “A spokesperson for BitMex said: “No such claim has been served on HDR Global Trading Limited.”” Read at The Guardian ↗ Daily MirrorL “A BitMEX spokespewrson said: "No such claim has been served on HDR Global Trading Limited."” Read at Daily Mirror ↗ Left · 1The case emerged after BitMEX voluntarily closed on 23 September 2026 following what it called a strategic review. The Guardian says the Seychelles-based company faces other actions, including a New York class action alleging theft of bitcoin and insider trading, which have been vigorously denied. The GuardianLC “Details about the case have emerged after BitMEX’s voluntary closure on 23 September 2026, after what it described as a strategic review of the business.”“In New York, investors are suing BitMEX for alleged theft of bitcoin and insider trading in a multimillion-dollar class action. The claims have been vigorously denied.” Read at The Guardian ↗ Left · 2Both outlets stress the link to Ben Delo, a BitMEX co-founder and billionaire who gave Reform UK £36m. The Mirror says Delo stepped back from an executive role in October 2020 and has said he is not backing Reform for personal gain, and that Reform leader Nigel Farage has pledged to back deregulation of the crypto industry. Daily MirrorL “Delo stepped back from his executive position in October 2020.”“Reform’s leader, Nigel Farage , has pledged to back deregulation of the crypto industry, and his party received £36m from the tycoon last month.” Read at Daily Mirror ↗ The GuardianLC “In Britain, Delo has been in the spotlight over a record-breaking £36m donation to the Reform party.” Read at The Guardian ↗
Left · 2Delo pleaded guilty in the US in 2022 to Bank Secrecy Act violations over anti-money-laundering failings and was pardoned by Donald Trump. The Mirror says he got a $10m fine and 30 months' probation and has argued it was a compliance lapse, not intentional wrongdoing. The Guardian adds that BitMEX itself pleaded guilty in 2024 and was required to pay $100m in January 2025. Daily MirrorL “Delo agreed to a $10m (£7.5m) criminal fine and was sentenced to 30 months' probation.” Read at Daily Mirror ↗ The GuardianLC “in January 2025 was required to pay $100m (£75m) to the US Department of Justice.” Read at The Guardian ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left2 outlets
- Framing
- Both outlets lead on the Reform donor link: the Guardian's headline names Delo as a Reform donor and the Mirror calls him a 'Billionaire Reform donor', treating the suit as a story about Delo's past business as well as a consumer-protection case.
- Emphasis
- The Guardian covers the legal basis, the possible wider exposure and BitMEX's other legal troubles. The Mirror covers the claim form's figures, Farage's crypto deregulation pledge and Delo's own account of his guilty plea.
- Leaves out or plays down
- Neither carries a response from Delo or Reform to the suit. The Guardian does not give the claim form's 'more than £10,000,000' figure or the 324.84 Bitcoin demand, and the Mirror omits the £20m figure and the claim of thousands of affected investors.
- Charged language
- “Billionaire Reform donor”“bitcoin bets”
- For example
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“A cryptocurrency exchange founded by the billionaire Reform UK donor Ben Delo is being sued for £20m” — The Guardian
“Reform’s leader, Nigel Farage , has pledged to back deregulation of the crypto industry, and his party received £36m from the tycoon last month.” — Daily Mirror
Centre0 outlets
No centre outlet in our sources has covered this story yet.
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- Lewis Barber has filed a High Court claim against HDR Global Trading Ltd, BitMEX's holding company.
- He alleges BitMEX sold crypto products in the UK without FCA authorisation.
- BitMEX says no claim has been served on HDR Global Trading Limited.
- BitMEX closed voluntarily in September 2026 after a strategic review.
- Ben Delo co-founded BitMEX, gave Reform UK £36m, pleaded guilty in the US in 2022 to Bank Secrecy Act violations and was pardoned by Donald Trump.
Where accounts differ
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Size of the claim
- Left
- The Guardian headlines the claim at £20m, saying Barber lost bitcoin worth £20m; the Mirror's headline says 'millions' and its text says the claim form states he expects to recover more than £10,000,000, plus 324.84 Bitcoin.
BitMEX organisation
A BitMEX spokesperson said that no claim has been served on HDR Global Trading Limited. It has previously denied the New York class action claims.
“A spokesperson for BitMex said: “No such claim has been served on HDR Global Trading Limited.”” — The Guardian
“The claims have been vigorously denied.” — The Guardian
Ben Delo person
Delo is not a defendant. The Mirror says it has contacted him about the claim, and that he has said he does not back Reform for personal gain and that his US plea reflected a compliance lapse rather than intentional wrongdoing.
“Delo has said he is not supporting Reform for personal gain.” — Daily Mirror
“He has always argued that the breach was a regulatory compliance lapse rather than any intentional wrongdoing.” — Daily Mirror
Financial Conduct Authority organisation
The FCA is not a party. Both outlets cite its March 2020 warning that BitMEX was not authorised in the UK and might be targeting UK consumers.
“The financial regulator warned in March 2020 that BitMEX was not authorised in Britain and was suspected to be targeting UK consumers.” — Daily Mirror
“On or around 3 March 2020, the FCA issued a warning that the Defendant may have been conducting trading in regulated investments in the United Kingdom without FCA authorisation.” — The Guardian
Left2 articles
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Cryptocurrency exchange founded by Reform donor Ben Delo sued for £20m
Critical Presents the claim as a potentially large consumer case against a firm founded by a Reform donor, setting it beside BitMEX's US guilty pleas and its other lawsuits.
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Billionaire Reform donor Ben Delo's former crypto firm sued for millions in UK
Critical Ties the suit to Reform's £36m donation and Farage's deregulation pledge, and includes Delo's own account of his US plea.
Centre0 articles
No coverage yet.
Right0 articles
No coverage yet.
- 14 Oct 00:01 First The GuardianLC Cryptocurrency exchange founded by Reform donor Ben Delo sued for £20m
- 14 Oct 13:46 +13h 45m Daily MirrorL Billionaire Reform donor Ben Delo's former crypto firm sued for millions in UK
Times are when each article was published, or when we first saw it if the outlet gave no time.
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