HTX Settles FCA Lawsuit, Agrees to Halt Unlawful UK Crypto Promotions
Huobi Global, the company behind HTX, promised the High Court it would not knowingly run illegal UK crypto promotions until 2031. Terms are confidential and no liability was admitted; reports differ on whether HTX is fully exiting the UK.
The Financial Conduct Authority (FCA) has closed out its first enforcement action against a crypto firm over illegal marketing. Under a settlement the regulator announced Thursday, exchange HTX has agreed to stop unlawfully promoting its services to UK consumers.
According to the FCA, Huobi Global S.A., the company behind HTX, promised the High Court it would not knowingly run illegal promotions until Oct. 21, 2031. The undertaking covers the exchange's website, apps and social media. The settlement agreement is dated Oct. 16 and was recorded in a court order on Tuesday. Its terms are confidential, and Huobi Global did not admit liability or wrongdoing.
The FCA brought the case in October 2025 and announced it in February. The regulator said HTX no longer accepts UK deposits or new UK sign-ups.
Pledge or market exit?
Accounts of the outcome differ in emphasis. The FCA's announcement describes a commitment to stop promotions. The Financial Times reported a broader UK withdrawal: HTX undertook not to target or solicit UK customers, users can no longer register from UK IP addresses, and existing customers are barred from trading and have 48 hours to withdraw assets before their accounts close. The FCA's announcement does not frame the outcome as a full exit, so the precise scope of the withdrawal is less settled than the promotions pledge.
The FT also reported that the FCA said it had struggled to establish who owned or controlled HTX. The exchange is owned by Panama-based Huobi Global and is linked to Justin Sun.
Sanctions add pressure
The settlement follows separate government action. The UK sanctioned Huobi Global on May 26 with an asset freeze over suspected support for Russia's government. HTX said that company was separate from the exchange, but UK authorities said the platform was covered because Huobi Global owned it. The EU imposed a transaction ban on HTX on July 23, effective Aug. 23.
HTX, for its part, said it had proactively introduced measures to comply with financial promotion regulations.
What it means for market participants
The case shows the FCA taking an offshore platform to court to enforce the financial promotion regime. Confidential terms limit what can be read into the outcome, and Huobi Global made no admission of liability. Still, the result is a formal undertaking to the High Court that runs until 2031.
The action comes as the regulator builds out its wider crypto rulebook, including an authorization window with a Feb. 28, 2027 deadline.
