Cryptocurrency exchange founded by Reform donor Ben Delo sued for £20m
A software engineer is suing the now-defunct cryptocurrency exchange BitMEX for £20 million, alleging the platform sold unregulated derivative products to UK investors. The lawsuit claims the exchange violated Financial Conduct Authority rules and consumer protection laws.
Why it matters
This case highlights the legal risks associated with unregulated crypto trading platforms and the potential for significant financial loss among retail investors.
BitMEX cofounder Ben Delo donated £36m to Reform, saying he wanted to see a ‘level playing field’. Photograph: Anne Schwarz Photography BitMEX cofounder Ben Delo donated £36m to Reform, saying he wanted to see a ‘level playing field’. Photograph: Anne Schwarz Photography Reform UK Cryptocurrency exchange founded by Reform donor Ben Delo sued for £20m Former investor alleges BitMEX sold products in UK despite not being regulated by Financial Conduct Authority
Prefer the Guardian on Google A cryptocurrency exchange founded by the billionaire Reform UK donor Ben Delo is being sued for £20m over claims that the company mis-sold financial products in the UK.
Lewis Barber, who is a software engineer, alleges that BitMEX offered crypto derivative products to investors in the UK, despite not being regulated or approved to do so by the Financial Conduct Authority (FCA).
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in