HTX Exits UK Market After FCA Settlement Over Illegal Crypto Promotions

Crypto exchange HTX has agreed to leave the UK after settling a High Court lawsuit brought by the Financial Conduct Authority over illegal crypto promotions, the regulator said Thursday. The FCA secured undertakings that HTX, formerly Huobi, will not knowingly promote crypto services unlawfully to UK consumers. Huobi Global S.A., the Panama-registered first defendant, pledged not to communicate financial promotions in breach of UK law across HTX's website, apps and social media. UK consumers can no longer deposit funds, and new UK users cannot sign up. "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. HTX said it had "proactively implemented measures to align with the UK's financial promotion regulations," the Financial Times reported. Existing UK customers are blocked from trading and have 48 hours to withdraw assets before account closure. Settlement terms are confidential and do not constitute an admission of liability. The FCA began proceedings in October 2025, its first enforcement case under UK financial promotion rules.