Crypto exchange HTX, previously known as Huobi, has committed to the High Court that it will refrain from actively marketing its crypto services to UK residents, following enforcement action from the Financial Conduct Authority (FCA). The FCA announced Thursday that Huobi Global S.A., the main entity behind HTX, has given a formal undertaking as part of a settlement with the regulator, effective until October 21, 2031.
Settlement details and UK restrictions
The settlement, dated October 16, 2026, aligns with an earlier notice posted by HTX, which confirmed that UK accounts remain subject to restrictions. These restrictions were already in place 11 days before the October 27 court order, which paused the legal proceedings under the settlement terms. No costs have been awarded, and there is no ruling on the FCA’s original allegations. The terms of the agreement remain confidential, and the FCA clarified that there is no admission of liability or wrongdoing by Huobi Global or any other related party.
HTX’s October 16 statement to users reiterated that the platform does not provide services to UK residents, and all existing UK accounts remain restricted under its “UK exit arrangements.” These accounts are unable to deposit, trade, or transact on the exchange.
Eligible UK users who still hold assets on the platform may request a one-time, 48-hour withdrawal window by contacting customer support. This withdrawal is subject to approval, a personal remittances general licence, and compliance with HTX’s identity verification, sanctions, anti-money laundering, and fraud prevention protocols.
Smart emphasized that operating from overseas does not exempt crypto firms from UK law and stated that due to the FCA’s enforcement, HTX is leaving the UK and can no longer actively target local consumers.
Background of FCA enforcement
The FCA initiated proceedings against HTX on October 21, 2025, accusing the exchange of violating the UK’s financial promotion rules by unlawfully advertising digital asset services to British consumers. The case was made public on February 10, 2026. Steve Smart, who was then the FCA’s joint executive director of enforcement and market oversight, indicated that this marked the first time the regulator had taken enforcement action against a crypto firm for illegal financial promotions in the UK.
HTX does not currently operate in the UK. UK customers cannot deposit funds, new account registrations from UK residents are prohibited, and the exchange will not seek to attract or solicit business from British consumers going forward.
Wider regulatory actions and sanctions
The UK Government officially designated Huobi Global S.A. on May 26 under its Russia sanctions regime, adding further limitations to the exchange’s operations. Subsequently, the European Union included HTX in its 21st Russia sanctions package, which barred transactions with the platform starting August 23.
On October 20, Kazakhstan’s Astana International Financial Centre (AIFC) regulator announced intentions to send court injunctions against six crypto platforms, including Coinbase and HTX, to Apple and Google. The aim is to restrict access to their services through these tech platforms within the country.
Mini dictionary: Astana International Financial Centre (AIFC): A financial hub in Kazakhstan that oversees fintech, financial markets, and the regulation of digital assets in the region.
| Country/Region | Regulatory/Sanctions Action | Effective Date |
|---|---|---|
| United Kingdom | Financial promotion lawsuit, Russia sanctions designation | May 26, 2026; effective until October 21, 2031 |
| European Union | Sanctions in 21st Russia package, barring transactions | From August 23, 2026 |
| Kazakhstan | AIFC court injunctions sent to Apple and Google | Announced October 20, 2026 |
Crypto regulations in the UK
The FCA noted that the regulatory framework for cryptocurrencies in the UK remains limited. Apart from anti-money laundering and financial promotion laws, most crypto assets are not subject to specific regulation until October 2027, when broader oversight is expected to take effect.
