Bitcoin
Former user sues BitMEX operator in the UK seeking $27 million over unregistered derivatives
A British software engineer is taking legal action against HDR Global Trading to recover 324.8 Bitcoin lost on unregulated derivatives contracts.
Following the late September announcement that cryptocurrency exchange BitMEX was shutting down, British software engineer Lewis Barber filed a legal claim in the United Kingdom against its operator, HDR Global Trading. Barber is demanding the restitution of 324.8 Bitcoin, valued at £20.4 million ($27.2 million) as of October 1.
The lawsuit focuses on BitMEX's lack of authorization from the UK Financial Conduct Authority to offer derivatives to British residents between 2018 and 2022. The claim relies on Sections 26 and 27 of the Financial Services and Markets Act 2000, which render financial agreements entered into by unauthorized entities unenforceable and give customers the right to recover paid funds alongside compensation.
Between 2018 and 2022, Barber placed approximately 2,294 orders across five accounts, trading perpetual swap contracts with leverage up to 100x. The claim targets solely his 1,053 losing positions, leaving his 1,241 profitable trades intact, while other British clients have been invited to join the proceedings.
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