The Financial Conduct Authority (FCA) has filed civil proceedings in the London High Court against the crypto exchange HTX, formerly known as Huobi, marking one of its most significant enforcement actions to date in the digital-asset sector.
Allegations Against HTX
According to legal filings, HTX is accused of unlawfully promoting crypto-asset services to UK consumers without proper authorisation, thereby violating Britain’s financial promotions regime. The action names HTX, Huobi Global, and four unnamed entities described as “persons unknown” who are believed to be responsible for the marketing and promotional activities.
The FCA emphasised that the case is part of its broader mandate “to protect consumers and uphold the integrity of UK financial markets.” HTX has been on the FCA’s public warning list since 2023, flagged for operating without registration in the UK.
The UK regulator’s move comes amid intensifying scrutiny of overseas crypto platforms targeting British investors. Under new rules introduced in 2023, crypto firms must obtain FCA authorisation to market or promote digital-asset services in the UK—even indirectly from abroad. The HTX case signals the FCA is now willing to litigate against non-compliant entities.
Additionally, press coverage highlights HTX’s connections to high-profile figures: the exchange is advised by Justin Sun and is associated with the Trump-family-affiliated memecoin “$TRUMP.” While Sun is not listed as a defendant, the associations add to the regulatory optics.
Implications for UK Crypto Markets
For UK consumers, the case is a stark warning: trading or participating in promotions from overseas crypto providers may carry legal and financial risks. For firms operating globally, the message is clear, UK regulatory reach extends to marketing, promotions and any activity that targets British residents.
If the court rules in favour of the FCA, HTX may face injunctions, fines or forced cessation of UK-targeted operations. The case may also establish precedent, emboldening the FCA to pursue other non-authorised crypto firms.
For the wider crypto industry, the enforcement action comes at a time when regulators globally are tightening oversight and requiring stronger compliance frameworks. The outcome may accelerate shifts toward fully regulated crypto-service providers in the UK and beyond.