Key Takeaways
- • The U.K. Financial Conduct Authority secured High Court undertakings barring Huobi Global S.A., which operates the crypto exchange HTX (formerly Huobi), from knowingly promoting cryptoasset services unlawfully to U.K. consumers, settling the regulator's case.
- • HTX is no longer active in the U.K.: consumers can no longer deposit funds and new U.K. users cannot sign up, according to the FCA.
- • The undertakings run until October 21, 2031, and cover the HTX website, apps and social media platforms, and the settlement terms are confidential with no admission of liability.
- • The FCA filed its claim on October 21, 2025, and described it as its first enforcement action against a crypto firm for illegally marketing to U.K. consumers.
- • The settlement signals that U.K. access for offshore crypto venues will increasingly depend on authorization, as a full U.K. cryptoasset regime takes effect in October 2027.
Summary
The U.K. Financial Conduct Authority has secured High Court undertakings that crypto exchange HTX, formerly Huobi, will not knowingly promote cryptoasset services unlawfully to U.K. consumers, settling the regulator's case against Huobi Global S.A. The FCA said on Thursday that HTX is no longer active in the U.K., that consumers can no longer make deposits and that new U.K. users cannot sign up.
The undertakings, which run until October 21, 2031, bar Huobi Global from directly or indirectly communicating financial promotions in breach of section 21 of the Financial Services and Markets Act 2000. They cover the HTX website, apps and social media platforms. The terms of the settlement are confidential and do not constitute an admission of liability or wrongdoing, the FCA said.
The FCA filed its claim in the High Court on October 21, 2025, and announced the action in February, describing it at the time as its first enforcement action against a crypto firm for illegally marketing to U.K. consumers. The regulator said HTX had repeatedly failed to engage before proceedings began. HTX said the matter was resolved after constructive engagement and that its U.K. exit arrangements were in place well before the settlement.
Existing U.K. users have been directed to HTX's website for instructions on withdrawing remaining assets. CoinDesk noted that the exchange continued advertising to U.K. consumers after an FCA warning in October 2023.
The settlement comes as the U.K. prepares a full cryptoasset regime that takes effect in October 2027. For funds and trading firms routing crypto flow through offshore venues, the case is a reminder that access to U.K. clients will increasingly depend on authorization, and that regulators are willing to use the courts to push unregistered exchanges out.
The undertakings, which run until October 21, 2031, bar Huobi Global from directly or indirectly communicating financial promotions in breach of section 21 of the Financial Services and Markets Act 2000. They cover the HTX website, apps and social media platforms. The terms of the settlement are confidential and do not constitute an admission of liability or wrongdoing, the FCA said.
The FCA filed its claim in the High Court on October 21, 2025, and announced the action in February, describing it at the time as its first enforcement action against a crypto firm for illegally marketing to U.K. consumers. The regulator said HTX had repeatedly failed to engage before proceedings began. HTX said the matter was resolved after constructive engagement and that its U.K. exit arrangements were in place well before the settlement.
Existing U.K. users have been directed to HTX's website for instructions on withdrawing remaining assets. CoinDesk noted that the exchange continued advertising to U.K. consumers after an FCA warning in October 2023.
The settlement comes as the U.K. prepares a full cryptoasset regime that takes effect in October 2027. For funds and trading firms routing crypto flow through offshore venues, the case is a reminder that access to U.K. clients will increasingly depend on authorization, and that regulators are willing to use the courts to push unregistered exchanges out.
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