Crypto exchange HTX has reached an agreement with the Financial Conduct Authority (FCA) to cease unlawfully promoting its services to consumers in the United Kingdom. The settlement was disclosed by the FCA on Thursday, marking a significant development in regulatory action within the UK crypto sector.
FCA clampdown on illegal promotions
The FCA stated that HTX, which previously operated under the name Huobi, is no longer accepting deposits from UK customers. Additionally, the platform has stopped permitting new user registrations from the country. This move follows intensified regulatory scrutiny surrounding the marketing practices of international digital asset exchanges targeting UK residents without proper authorization.
Huobi Global S.A., the entity behind HTX, has given a formal assurance to the UK High Court. The company pledged not to knowingly conduct illegal promotions through its platform, mobile applications, or social media channels. This binding promise remains in effect until October 21, 2031.
Huobi Global S.A. agreed not to carry out illegal promotions directed at UK consumers and committed to abiding by these terms until 2031.
The FCA launched its case against Huobi Global in October 2025 and officially disclosed the enforcement action in February. The agency described it as the FCA’s first formal action targeting a crypto company for unlawful marketing practices in the UK.
The settlement agreement was signed on October 16 and formalized in a court order issued Tuesday. While the detailed terms remain confidential, Huobi Global has made no admission of liability or wrongdoing as part of the arrangement.
Sanctions in the UK and European Union
The recent settlement follows separate rounds of sanctions imposed on HTX in both the UK and the European Union. On May 26, British authorities placed Huobi Global under an asset freeze, citing suspicions that the firm had provided support to Russia’s government. HTX responded by asserting a separation between the exchange and the sanctioned company, but UK officials maintained that the exchange fell under the scope of sanctions due to overlapping ownership.
In addition, the EU implemented a transaction ban on HTX on July 23, which took effect on August 23. This sanction prohibited the platform from facilitating transactions involving EU-based users, adding further restrictions to HTX’s operations in the region.
Mini dictionary: HTX, formerly known as Huobi, is a global cryptocurrency exchange offering spot and derivatives trading services. The platform is operated by Huobi Global S.A., which manages its international business activities.
UK authorities enforced asset restrictions on Huobi Global for alleged links to Russia, and the EU later imposed its own broad transaction ban on HTX.
| Region | Date of Sanction | Type of Restriction | Coverage |
|---|---|---|---|
| United Kingdom | May 26 | Asset freeze | Huobi Global and HTX |
| European Union | July 23 (effective August 23) | Transaction ban | HTX |
HTX recently denied the allegations underlying the UK sanctions, even as new reports surfaced about $7.6 billion in Russia-linked fund flows associated with the platform. However, both UK and EU regulatory actions have significantly limited HTX’s ability to operate in the European market.
