# BitMEX Operator Faces Claim for 324.8 BTC Over UK Derivatives Trades By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/32386 Published: 2026-10-15T08:32:43.000Z Updated: 2026-10-15T08:32:43.000Z Section: Regulation > Barber alleges he made about 2,294 trades across five accounts from 2018 to 2022 and seeks recovery tied to 1,053 losing perpetual swaps. A British software engineer is seeking 324.8 Bitcoin (BTC) from BitMEX’s operator, arguing that the exchange offered derivatives without authorization and that his losing trades should be recoverable. Lewis Barber alleges he made about 2,294 trades across five accounts from 2018 through 2022. His claim seeks recovery tied to 1,053 losing perpetual swaps, derivative contracts with no fixed expiration date. The trade counts add detail to [earlier coverage of the lawsuit](). The requested amount was valued at about $26.5 million on Oct. 14. Barber contends the contracts involved regulated financial activity and that BitMEX lacked authorization from the Financial Conduct Authority (FCA), Britain’s financial regulator. He relies on Section 26 of the Financial Services and Markets Act 2000. The provision can make certain agreements unenforceable when regulated activity breaches the law’s general prohibition, and it allows recovery or compensation in specified circumstances. Barber argues those remedies may apply to his losses if a court finds Section 26’s conditions are met. No court has decided whether the section covers his trades. The FCA first posted a warning about BitMEX on March 20, 2020, saying the firm lacked authorization and was targeting people in the U.K. The regulator separately barred the sale, marketing or distribution of certain crypto derivatives to UK retail consumers, effective Jan. 6, 2021. That restriction began during the period Barber identifies, but does not resolve the authorization question in his case. Barber’s law firm, Seladore Legal, is assessing possible claims from other U.K. residents who traded derivatives on the platform. The firm says eligibility depends on each trader’s circumstances. Trading on BitMEX stopped Sept. 23 at 12 a.m. ET (04:00 UTC) after a strategic review. Users can still download their trading records through the exchange’s account-closure process. The claim had been filed but not formally served on HDR Global Trading as of Oct. 14. A BitMEX spokesperson said, “No such claim has been served on HDR Global Trading Limited.” ## Links in this article - [earlier coverage of the lawsuit](https://www.tokenpost.com/news/regulation/31629)