Cryptocurrency exchange founded by Reform donor Ben Delo sued for £20m
Summary
A cryptocurrency exchange called BitMEX is being sued for £20 million by a UK investor named Lewis Barber. He claims BitMEX sold risky financial products to UK customers without proper approval from the UK’s financial regulator and that he lost bitcoin trading these products.Key Facts
- BitMEX was founded by Ben Delo, a billionaire donor to the UK Reform party.
- Lewis Barber alleges BitMEX sold crypto derivative products in the UK without approval from the Financial Conduct Authority (FCA).
- Barber claims he lost about £20 million worth of bitcoin trading these products from 2018 to 2022.
- The claim, filed in a UK court, says these contracts are not valid under UK law and consumers can get compensation.
- BitMEX is based in Seychelles and closed voluntarily in September 2026 after a business review.
- BitMEX and its founders pleaded guilty to US law violations related to anti-money laundering and received fines and sentences but were pardoned by President Donald Trump in 2025.
- BitMEX agreed to pay $100 million in January 2025 to settle US Department of Justice charges.
- The case could affect many other UK investors who traded with BitMEX under similar conditions.
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