The United Kingdom's Financial Conduct Authority (FCA) has initiated High Court proceedings against the cryptocurrency exchange HTX, formerly known as Huobi Global. The regulator alleges that HTX has been illegally promoting crypto asset services to UK consumers, in breach of the country's strict financial advertising rules that came into force in October 2023.
The legal action, filed in the Chancery Division of the High Court in October 2025, marks the first time the FCA has taken a crypto firm to court specifically for violating the post-October 2023 crypto financial promotions regime. This framework introduced criminal liability for firms that market cryptoassets to UK consumers without meeting stringent approval, disclosure, and risk-warning standards.
According to the FCA, HTX continued to publish unlawful financial promotions on its website and across major social media platforms—including TikTok, X, Facebook, Instagram, and YouTube—even after receiving direct warnings and being placed on the FCA's Warning List. The regulator stated that repeated attempts to engage with HTX received no meaningful response, and the exchange's opaque corporate structure, with its incorporation in Panama, made it difficult to identify responsible parties.
"Firms providing crypto products to UK consumers need to comply with rules which protect consumers from unfair and misleading marketing," the FCA said. "HTX's conduct stands in stark contrast to the majority of firms working to comply with the FCA's regime." Steve Smart, the FCA's joint executive director of enforcement and market oversight, emphasized that the rules are designed to support a sustainable crypto market in the UK.
In addition to the court case, the FCA has requested that social media companies block HTX's accounts for UK-based users and has asked for the removal of HTX applications from the UK versions of the Apple App Store and Google Play. The exchange remains on the FCA's Warning List, meaning UK consumers have no access to the Financial Ombudsman Service for disputes.
On February 4, 2026, the High Court granted the FCA permission to serve the proceedings outside the UK and by alternative means, acknowledging the challenges in identifying the individuals or entities behind the platform. The defendants named include HUOBI GLOBAL S.A. and a broad group of "Persons Unknown."
