The UK Financial Conduct Authority has settled its High Court case against crypto exchange HTX, securing undertakings that the firm will not target or solicit UK consumers, the regulator said.
Under the court order, Huobi Global S.A., a Panama-registered company named as the first defendant, undertook not to communicate financial promotions in breach of UK law across HTX's website, apps and social media. HTX, formerly known as Huobi, is no longer active in the UK, the FCA said. UK consumers can no longer make deposits, and new UK users cannot sign up.
HTX said on its website that existing UK customers are blocked from trading and have 48 hours to withdraw their assets before their accounts are closed. The exchange told the Financial Times it had "proactively implemented measures to align with the UK's financial promotion regulations."
First case under promotion rules
The FCA began proceedings in October 2025 in its first enforcement case against a crypto firm under the UK's financial promotion rules, saying HTX had repeatedly failed to engage with it. Settlement talks began in March and were extended in June, according to court orders.
The terms of the settlement are confidential and do not amount to an admission of liability or wrongdoing, the FCA said.
"Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law," said Steve Smart, the FCA's executive director of enforcement and market oversight. "The message to other firms is clear: follow the rules or face the consequences."
Sanctions backdrop
HTX names Tron founder Justin Sun as a global adviser. In May, the UK sanctioned Huobi Global S.A. over alleged support for Russia's financial sector, with the government's notice listing HTX as another name for the designated entity. Two months later, the European Union named Huobi Global in its 21st package of Russia sanctions, accusing it of "significantly frustrating" the bloc's measures and barring EU transactions with the exchange, though stopping short of a full asset freeze.
HTX has said Huobi Global S.A. is "distinct from the online HTX exchange."
