The lawsuit centers on the Financial Services and Markets Act 2000, which allows customers to contest agreements made with firms operating without proper permissions. Barber’s legal team, led by Seladore Legal partner Gareth Keillor, argues that these provisions render the disputed trades unenforceable, potentially entitling the investor to a full recovery of lost Bitcoin. The claim specifically highlights BitMEX’s past marketing efforts in Britain, including advertisements in The Times, and cites a 2020 regulatory warning regarding the firm’s compliance status.
HDR Global Trading Limited, the operator of BitMEX, has yet to be formally served with the claim. A company spokesperson stated that the firm has not received the legal documents, which remains a critical procedural step before a defense can be mounted. While the exchange ceased all trading operations in September 2026, the closure does not shield the entity from lingering litigation. If the court finds in favor of the plaintiff, the precedent could open the door for other UK-based traders to seek similar compensation, a prospect that lawyers suggest could involve liabilities reaching hundreds of millions of pounds.
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