UK FCA Moves to Shut Down HTX’s Unauthorised Crypto Promotions

The UK’s Financial Conduct Authority (FCA) has launched legal proceedings against global cryptocurrency exchange HTX, formerly known as Huobi, over the alleged illegal promotion of cryptoasset services to UK consumers.

Under the UK’s crypto financial promotions regime, firms offering or advertising crypto products to UK users must meet strict standards designed to ensure marketing is fair, clear, and not misleading. Promoting cryptoassets without complying with these requirements—whether via websites or social media—is a criminal offence.

According to the FCA, HTX continued to publish unauthorised financial promotions despite prior warnings from the regulator. These promotions appeared across multiple online platforms, including social media channels commonly used by retail investors. While HTX has since taken steps to block new UK customer registrations, existing UK users are reportedly still able to access content that breaches the rules, raising concerns about ongoing non-compliance.

The regulator also highlighted HTX’s opaque corporate structure, noting that ownership and operational control of the platform remain unclear. Attempts by the FCA to engage with the firm before initiating legal action were unsuccessful.

Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said the action underscores the regulator’s commitment to maintaining a compliant and sustainable crypto market. He added that the case marks the first enforcement action taken against a crypto firm for illegally marketing to UK consumers under the new regime.

As part of its consumer protection efforts, the FCA has requested social media platforms restrict access to HTX’s accounts for UK users and has asked app stores to remove the exchange’s applications in the UK. HTX remains listed on the FCA’s Warning List, meaning affected consumers do not have access to the Financial Ombudsman Service and may face significant risks if problems arise.

The FCA continues to urge consumers to verify firms against its Warning List and exercise caution when dealing with unauthorised crypto platforms.