BitMEX faces £20 million UK lawsuit seeking return of Bitcoin over unlicensed derivatives
A former trader has filed a lawsuit in the United Kingdom against BitMEX, seeking to reverse more than 1,000 losing trades and recover $27 million in Bitcoin on claims that the platform operated without regulatory authorization.
BitMEX is facing a UK lawsuit valued at £20 million ($26.5 million) over allegations that it offered crypto derivatives without regulatory authorization, The Guardian reported. A former trader who executed 2,294 trades on the exchange between 2018 and 2022 is asking a UK court to reverse 1,053 of those transactions—specifically the losing positions—and recover approximately 324.8 BTC, valued at $27 million.[1][3][5][6]
The claim, which challenges perpetual swap trades, argues the derivative contracts were legally void under UK law because BitMEX was not authorized to offer them to UK customers, according to Decrypt and court-related reports. In addition to the licensing challenge, the filing accuses the platform of deceit. The legal action targets an exchange that shut down last month and no longer operates, and the UK court has not yet issued a decision on the case.[2][3][5][6]
Key facts
- A former trader filed a lawsuit against BitMEX in the UK valued at £20 million ($26.5 million) over alleged unauthorized derivatives trading.
- The lawsuit asks the court to reverse 1,053 loss-making trades out of 2,294 total trades executed on the platform between 2018 and 2022.
- The plaintiff seeks the recovery of $27 million in Bitcoin, quantified in the claim as 324.8 BTC.
- The claim contends the derivatives contracts were legally void because BitMEX lacked authorization to provide them to UK customers.
- The lawsuit also accuses the exchange of deceit.
- BitMEX shut down prior to the claim surfacing and no longer operates, and the UK court has not yet ruled on the case.
Sources · 6 sources
- CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: BitMEX hit with £20M UK lawsuit over alleged unauthorized crypto derivatives A former trader is seeking to recover Bitcoin losses from 2018–2022, arguing the contracts were void under UK law, The Guardian reports. https://t.co/ngbAFA76ss
Open source - DE
DecryptArticle ·
BitMEX Sued in UK for Return of $27M in Bitcoin Over Unlicensed Derivatives The claim challenges 1,053 loss-making perpetual swap trades from 2018 to 2022 and also accuses the now-closed exchange of deceit.
Open source - TB
The Block@TheBlockCoPost on X ·
NEW: BitMEX faces a £20 million ($26.5 million) UK lawsuit over allegations it offered crypto derivatives without regulatory authorization, The Guardian reported. A former trader is seeking to recover bitcoin lost between 2018 and 2022, arguing the contracts were void under UK law.
Open source - CB
Crypto BriefingArticle ·
BitMEX sued in UK for $27 million in Bitcoin over unlicensed derivatives This lawsuit could set a precedent for regulatory enforcement in crypto markets, potentially leading to increased scrutiny and legal challenges. The post BitMEX sued in UK for $27 million in Bitcoin over unlicensed derivatives appeared first on Crypto Briefing .
Open source - BL
BlockNews@blocknewsdotcomPost on X ·
🚨 JUST IN: BitMEX faces a £20 MILLION ($26.5 MILLION) lawsuit in the UK over allegations it offered crypto derivatives without regulatory authorization, per The Guardian. A former trader is seeking to recover Bitcoin lost between 2018 and 2022, arguing the contracts were legally void under UK law.
Open source - W�
wyck 📴@wyckoffwebPost on X ·
A crypto trader is suing BitMEX to recover $27 million he lost trading. He made 2,294 trades on the exchange between 2018 and 2022. Now he's asking a UK court to reverse 1,053 of those trades. Specifically, the ones where he lost money. His argument is that BitMEX wasn't legally authorized to offer those trades to UK customers. BitMEX shut down last month. So this guy is now trying to recover 324.8 BTC from an exchange that no longer operates. The court hasn't decided the case yet.
Open source