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The UK Financial Conduct Authority secured a High Court order barring HTX from knowingly promoting cryptoasset services unlawfully to UK customers. The FCA says HTX has taken steps to leave the market, is no longer active in the country and does not allow UK customers to make deposits.
The UK’s Financial Conduct Authority has secured a High Court order preventing crypto exchange HTX from knowingly promoting its services unlawfully to UK customers, and says the exchange has taken steps to leave the country. The watchdog says HTX is now no longer active in the UK and British customers cannot make deposits.
The FCA said it began legal action against HTX, formerly known as Huobi, in October after the company repeatedly failed to engage with the regulator about UK financial-promotion rules. The court order bars HTX from knowingly making unlawful promotions of cryptoasset services to people in the country.
After proceedings started, HTX took steps to exit the UK, according to the FCA. The regulator said the exchange continued to promote its services through its website and social-media accounts, including on TikTok, X, Facebook, Instagram and YouTube. It then brought a civil claim in London’s High Court against the firm and “persons unknown” connected with the platform.
The FCA described HTX’s organisational structure as opaque and said attempts to identify the people who own the business or operate its website had been unsuccessful. The source report does not detail the order’s full terms, the date it was made or whether HTX has responded publicly to the proceedings.
How the Order Affects UK Customers
The case shows that UK financial-promotion rules can apply to an overseas crypto business when it targets consumers in Britain. The FCA’s action is directed at promotions to UK customers, rather than establishing that all HTX services or operations are prohibited in every country.
For UK users, the immediate practical point reported by the regulator is that HTX is no longer active locally and customers cannot make deposits. The order also gives the FCA a court-backed measure to address unlawful promotions, including marketing through online platforms. The report does not say whether existing customers can withdraw assets, access accounts or use any remaining services, so users should not infer those details from the deposit restriction alone.
The enforcement action may also matter to other overseas crypto firms that advertise to UK residents. FCA enforcement director Steve Smart said foreign location does not remove a company from the reach of UK law. That statement sets out the regulator’s position; the case itself concerns HTX and the specific conduct alleged in the proceedings.
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FCA Action Followed Failed Engagement
The FCA said it pursued HTX after repeated attempts to engage with the exchange about the UK’s financial-promotion requirements were ignored. The regulator’s concern was that HTX continued to market crypto services to British consumers despite the rules governing such promotions.
HTX was formerly called Huobi. The source report also noted that the exchange has been linked with Justin Sun, who has been described as a “global advisor” to HTX. It reported that Sun has invested in crypto ventures associated with the Trump family. Those details provide background on people connected to the exchange but are not the basis of the FCA’s order described here.
The report also referred to a separate US case involving Sun and three of his companies, which was paused last year after allegations of wash trading. That matter is distinct from the UK proceedings against HTX, and the report does not establish a connection between the US case and the FCA’s action.
“Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law.”
— Steve Smart, executive director of enforcement and market oversight at the FCA
Order Terms and User Access
The report does not provide the full wording or date of the High Court order, or explain what penalties could follow if HTX breaches it. It also does not include a response from HTX, so the company’s account of its UK exit and the legal dispute is not available here.
Although the FCA says UK customers cannot make deposits, it is unclear from the report whether existing users can withdraw funds, retain account access or use other services. The regulator’s statement that HTX is no longer active in the UK does not answer those account-specific questions. The report also does not say how the FCA will monitor promotions or whether any further court steps are planned.
Monitoring HTX’s UK Promotions
The FCA’s order restricts HTX from knowingly making unlawful cryptoasset promotions to UK customers. The agency has said the exchange has left the market, but the report does not give a timetable for further enforcement activity or describe a next court hearing.
Readers should watch for any further statements from the FCA or HTX that clarify the order’s terms, the status of the civil proceedings and access for existing UK customers. Until those details are published, the confirmed position is limited: the court order is in place, the FCA says HTX is no longer active in Britain, and deposits by UK customers are unavailable.
Key Questions
Why did the FCA take action against HTX?
The FCA said HTX repeatedly failed to engage with it over UK financial-promotion rules and continued promoting crypto services to UK customers. The regulator then brought a civil case in London’s High Court.
What does the High Court order do?
According to the report, the order prevents HTX from knowingly promoting cryptoasset services unlawfully to customers in the UK. The report does not give the full wording or additional terms of the order.
Can UK customers still deposit money with HTX?
The FCA says HTX is no longer active in the UK and that British customers are unable to make deposits. The report does not clarify access to withdrawals or existing accounts.
Has HTX publicly responded to the FCA case?
No response from HTX is included in the source report. The exchange’s account of the case and its UK departure is therefore not clear from the available information.
Source: finextra.com
