BitMEX sued in UK over alleged unauthorized derivatives sales

Crypto exchange BitMEX is facing a £20 million ($47.2 million) lawsuit in the UK over allegations it sold derivatives without approval from regulators, The Guardian reported. Software engineer Louis Barber filed the case in the UK High Court, alleging BitMEX offered crypto derivatives without authorization from the UK Financial Conduct Authority, or FCA. Barber claimed he lost BTC worth £20 million between 2018 and 2022 while trading the products. The plaintiff argues the related trading contracts are void under the Financial Services and Markets Act 2000 and that investors who suffered losses are entitled to have their BTC returned, according to the report.