HTX agrees to halt unlawful UK crypto promotions
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Written by
Simonas Brazionis - Updated 2026-10-29 16:47:14
Cryptocurrency exchange HTX has reached a settlement with the Financial Conduct Authority (FCA) in the United Kingdom, as HTX agrees to cease the unlawful promotion of its services to UK consumers. The agreement, announced on Thursday, stipulates that Huobi Global S.A., the Panamanian entity operating HTX, will refrain from knowingly conducting illegal promotions through its website, applications, or social media platforms.
These court undertakings are effective until October 21, 2031. The terms of the settlement remain confidential, and the agreement does not include an admission of liability or wrongdoing by HTX. Steve Smart, the FCA's executive director of enforcement and market oversight, emphasized that overseas crypto firms are not exempt from UK law and warned other firms to comply with regulations to avoid consequences.
FCA Enforcement Action and HTX's UK Exit
The FCA initiated this case in October 2025 and announced the enforcement action in February. This marked its first action against a crypto firm for illegal marketing practices. Prior to this settlement, HTX announced its exit arrangements for the UK market on October 16.
The exchange stated that existing UK accounts could no longer facilitate deposits or trading. Eligible users are permitted to request a one-time, 48-hour window to withdraw their remaining assets. This is contingent on approval and compliance checks. Accounts will be closed once all assets have been successfully withdrawn.
Broader Regulatory Context and Sanctions
HTX's adviser, Tron founder Justin Sun, has been involved in crypto projects associated with former US President Donald Trump, including World Liberty Financial and the TRUMP memecoin. Sun filed a lawsuit against World Liberty in April regarding frozen WLFI tokens, with World Liberty subsequently filing a defamation suit against him in May, which Sun denied.
The settlement in the UK follows separate sanctions imposed on the exchange by both the UK and the European Union. The UK sanctioned Huobi Global on May 26, implementing an asset freeze due to suspected support for the Russian government. Although HTX asserted its separation from Huobi Global, UK authorities maintained that the platform was covered by the sanctions due to Huobi Global's ownership.
The EU followed suit on July 23, imposing a transaction ban on HTX which became effective on August 23. HTX agrees to adhere to these regulatory requirements.
