Cryptocurrency exchange HTX has agreed to exit the United Kingdom market following a High Court settlement with the Financial Conduct Authority (FCA). The confidential deal resolves the FCA's first lawsuit against a crypto exchange over illegal marketing rules enacted in October 2023. Parent company Huobi Global S.A. committed to legally binding undertakings through October 2031. HTX has blocked UK sign-ups and deposits, giving current users a 48-hour withdrawal window amid lingering complications from UK Russia sanctions.
Settlement agreement and negotiations
- ▪Crypto exchange HTX has agreed to exit the United Kingdom market after settling a lawsuit brought by the Financial Conduct Authority
- ▪The Financial Conduct Authority and HTX began settlement talks over the FCA's lawsuit against HTX in March 2026, extending their discussions in June 2026
- ▪The Financial Conduct Authority secured High Court undertakings recorded in an October 27, 2026 Tomlin order against HTX from Panama-registered Huobi Global S.A., remaining in force until October 21, 2031
Restrictions on UK users
- ▪UK users face obstacles withdrawing funds from HTX because the UK government treats Huobi Global S.A. as a sanctioned entity
- ▪HTX has blocked new UK user registrations and stopped accepting deposits from British consumers
- ▪Existing UK HTX accounts are blocked from trading and must request a one-time 48-hour window to withdraw remaining assets before account closure
FCA lawsuit and marketing rules
- ▪HTX stated it proactively implemented compliance measures to align with the UK's financial promotion regulations introduced in October 2023
- ▪Court filings by the FCA recorded 4.6 million UK visits to HTX in 2023 and noted an employee successfully traded using a UK driving license and British pounds
- ▪The FCA initiated legal action against HTX in October 2025 in London's High Court after the exchange repeatedly failed to engage with the regulator
- ▪The lawsuit filed in October 2025 against HTX was the FCA's first enforcement case against a crypto exchange under marketing rules that took effect in October 2023
- ▪UK rules introduced in October 2023 mandate that any company promoting cryptoassets to UK customers, including overseas entities, must communicate promotions through an authorized firm
- ▪Steve Smart, the FCA's executive director of enforcement, stated that being based overseas does not put crypto firms beyond the reach of UK law
Sanctions against Huobi Global S.A.
- ▪The European Union added Huobi Global S.A. and HTX to its Russia sanctions package on July 23, 2026, with an EU transaction ban effective August 23, 2026
- ▪The UK government sanctioned Huobi Global S.A.
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