HTX Leaves UK After FCA Settlement, Crypto Markets React

Crypto exchange HTX exits the UK after settling with the FCA

HTX, the cryptocurrency exchange formerly known as Huobi, has stopped accepting deposits from British customers and agreed not to target them with crypto promotions, following settlement discussions with the UK’s Financial Conduct Authority (FCA).

Court documents show the FCA and HTX entered talks to settle allegations that the exchange was illegally promoting crypto services in the UK. The regulator sued the group in October, naming Panama-incorporated Huobi Global and “persons unknown” said to operate and control HTX. The FCA said at the time the action was intended to protect consumers and uphold UK financial market integrity.

In February, the FCA accused HTX of breaching the UK’s financial promotion rules for cryptoassets, which have applied since 2023. The regulator also said HTX had ignored repeated attempts to engage and operated with an “opaque operational structure.”

According to the court orders, the two sides exchanged emails in March and began three months of settlement talks, which were later extended by another two months on June 25.

The case sits within a broader regulatory push to tighten how crypto firms reach UK customers. Companies seeking British clients are expected to register with the FCA and undergo anti-money laundering and financial crime checks. HTX and Huobi were added to the FCA’s list of unauthorised companies in 2023 and 2024, a step used to warn consumers against dealing with firms that are not permitted to operate in the country.

• What happened: HTX halted UK deposits and agreed not to market crypto services to UK customers amid settlement discussions with the FCA.
• Why it matters: The FCA is enforcing crypto promotion rules introduced in 2023, using court action where it believes firms are marketing to UK users without meeting local requirements.
• Wider context: UK access increasingly depends on FCA registration and compliance with financial crime controls, with the regulator publicly flagging unauthorised firms.

HTX is one of the world’s largest crypto platforms and was previously known as Huobi. Chinese billionaire Justin Sun bought a controlling stake in the exchange in 2022, according to the information cited in the court documents and related reporting.