The United Kingdom’s Financial Conduct Authority (FCA) has settled its High Court case against crypto exchange HTX, securing court undertakings that will see the platform withdraw from the UK market. The regulator announced the outcome on Thursday, marking its first enforcement action against a crypto firm under the country’s financial promotion rules.
Under the settlement, HTX—formerly known as Huobi—has agreed not to knowingly promote crypto services unlawfully to UK consumers. According to the court order, Panama-registered Huobi Global S.A., named as the first defendant, has undertaken not to communicate financial promotions that breach UK law across HTX’s website, apps and social media channels.
HTX confirmed that UK consumers can no longer make deposits, and new UK users cannot sign up. Existing UK customers are blocked from trading and have 48 hours to withdraw their assets before their accounts are closed. The FCA stated that the terms of the settlement are confidential and do not amount to an admission of liability or wrongdoing.
Steve Smart, the FCA’s executive director of enforcement and market oversight, said: “Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law. The message to other firms is clear: follow the rules or face the consequences.”
The regulator began proceedings against HTX in October 2025, saying the exchange had repeatedly failed to engage with it. Settlement talks began in March and were extended in June, according to court orders reported by Reuters. In May, the UK sanctioned Huobi Global S.A. over alleged support for Russia’s financial sector, 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 it stopped short of a full asset freeze. HTX has maintained that Huobi Global S.A. is distinct from the online HTX exchange.
HTX, which names Tron founder Justin Sun as a global adviser, said it had proactively implemented measures to align with UK financial promotion regulations, according to the Financial Times.
