HTX UK Exit Sealed by High Court Undertakings After FCA Marketing Case

Crypto exchange HTX, formerly known as Huobi, has committed to the High Court that it will not unlawfully market cryptoasset services to British consumers, the Financial Conduct Authority announced on Thursday. The pledges settle a lawsuit the regulator filed in October 2025 and confirm the exchange's withdrawal from the British market.

The case was the first enforcement action the FCA brought against a crypto firm over illegal marketing since cryptoassets came under the UK's financial promotion rules in October 2023. The regulator sued HTX for unlawfully promoting its services to UK consumers, and the outcome signals that overseas-based platforms remain within reach of British law.

Terms of the HTX UK Exit

Under the undertakings, given by Huobi Global S.A., the Panama-incorporated company behind the exchange, HTX will not knowingly, directly or indirectly, communicate a financial promotion that would breach section 21 of the Financial Services and Markets Act 2000. The commitment covers the HTX website, software applications and social media platforms, and the exchange has pledged not to target, solicit or actively seek to engage UK consumers.

HTX is no longer active in the UK. British users can no longer make deposits and new UK customers cannot register an account, according to the FCA. Cointelegraph reported that the exchange has pledged to halt crypto marketing aimed at the UK through October 2031, with deposits and new sign-ups already blocked.

The settlement sits in a Tomlin order dated Tuesday, made by consent before Deputy Master Holden, Finance Magnates reported. The order stays the lawsuit on the settlement's terms, makes no award of costs and contains no ruling on the FCA's allegations. The terms are confidential, and neither Huobi Global nor any other person or entity admits liability or wrongdoing under the agreement, the regulator said.

From Lawsuit to Settlement

The FCA commenced proceedings in the Business and Property Division of the High Court on October 21, 2025, naming Huobi Global S.A. alongside several groups of unidentified individuals alleged to operate the exchange and its accounts on platforms including X, Facebook, Instagram, TikTok and YouTube. The regulator publicly announced the action on February 10, 2026.

The regulator had previously warned about HTX's illegal promotion of crypto services to UK consumers, but said the exchange continued to publish financial promotions in breach of the rules on its website and social media. The FCA said HTX operated an opaque organisational structure that hid the identities of its owners and website operators, and that repeated attempts to engage with the firm were ignored.

When it made the case public, the FCA requested that social media companies block HTX's accounts for UK-based consumers and that its applications be removed from the Google Play and Apple stores in the UK. After proceedings began, HTX moved to restrict new UK customers from registering, though the FCA said at the time that existing users could still log in and access unlawful promotions, with no assurance the changes would be permanent.

Smart Warns Overseas Crypto Firms

Steve Smart, the FCA's executive director for enforcement and market oversight, said the case should serve as a warning to other platforms. "Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law," he said.

Smart added that the regulator's action means "HTX is leaving the UK and can no longer target UK consumers." When the case was announced in February, he described it as the first time the FCA had taken enforcement action against a crypto firm illegally marketing products to UK consumers.

The FCA said HTX's behaviour differed sharply from that of most firms, which it said are working to comply with the regime. Since the promotion rules took effect in October 2023, the regulator said most firms it engaged with had reacted positively, and it warned that those who fail to follow the rules risk placement on its warning list, website takedown requests or criminal and civil enforcement action.

What Remaining UK Users Should Do

The FCA directed remaining UK users to information published on HTX's website about the availability of its services and arrangements for withdrawing residual assets. According to an October 16 notice cited by Yahoo Finance, the exchange does not serve UK residents, and British accounts already restricted under its exit arrangements are barred from depositing, trading or transacting.

Eligible individual users who still hold assets can request from customer support a single 48-hour window to withdraw funds, contingent on approval, a personal remittances general licence and the exchange's identity, sanctions, anti-money laundering and fraud checks, Yahoo Finance reported. Accounts will close after all assets have been withdrawn, according to Cointelegraph.

The regulator reminded consumers that cryptoassets are high-risk investments and urged them to check a firm's permissions using the FCA Firm Checker. Consumers dealing with unauthorised firms have no access to the Financial Ombudsman Service and are unlikely to recover their money if a firm goes out of business.

Sanctions and Ownership Pressure on HTX

The court case was not the only pressure on HTX this year, Finance Magnates reported. On May 26, the UK designated Huobi Global under its Russia sanctions regime, freezing its assets over suspected support for Russia's government, and the European Union later named HTX in its 21st Russia package, barring transactions with the exchange from August.

HTX argued the sanctioned entity was distinct from the trading platform, but UK authorities maintained the exchange fell within the designation because it was owned by Huobi Global, Cointelegraph reported. Binance stopped processing transactions with HTX and 10 other platforms from August 23, citing regulatory developments, according to Finance Magnates.

Tron founder Justin Sun took a controlling stake in the exchange in 2022, and HTX describes him as an adviser. The platform dropped the Huobi name in 2023. Sun has put money into digital asset ventures associated with US President Donald Trump, among them World Liberty Financial and the TRUMP memecoin, Cointelegraph reported.

Conclusion

The settlement closes the FCA's first lawsuit against a crypto firm under the financial promotion regime, with HTX out of the UK market and bound by High Court undertakings not to promote its services to British consumers. The agreement involves no admission of liability, and its terms remain confidential.

The next step for remaining UK users is to follow the withdrawal arrangements on HTX's website, including the one-time 48-hour window for eligible customers, before accounts close. The FCA said consumers should verify any firm's permissions through its Firm Checker.

Frequently Asked Questions

What did the FCA's settlement with HTX on October 29, 2026 require?

Huobi Global S.A. gave High Court undertakings not to knowingly promote cryptoasset services to UK consumers in breach of UK law, covering its website, apps and social media. HTX has left the UK market, blocked deposits and new registrations, and agreed not to target or solicit British consumers. The confidential settlement involves no admission of liability.

Can UK users still withdraw assets from HTX after the UK exit?

Yes. Eligible individual users who still hold assets can request a single 48-hour withdrawal window through customer support, contingent on approval, a personal remittances general licence and the exchange's identity, sanctions, anti-money laundering and fraud screening. Accounts cannot deposit, trade or transact, and will close once all assets are withdrawn.

Why did the FCA sue HTX in October 2025?

The FCA alleged HTX illegally promoted cryptoasset services to UK consumers in breach of financial promotion rules in force since October 2023. The regulator said HTX ignored repeated engagement attempts, hid the identities of its owners and operators, and continued publishing unlawful promotions on its website and platforms including TikTok, X, Facebook, Instagram and YouTube.

How long do HTX's undertakings to the High Court last?

Cointelegraph reported that HTX pledged to stop crypto marketing in the UK until October 2031. Yahoo Finance, citing Unchained's count, said the pledges span about five years from the settlement date, expiring precisely six years after the regulator filed its claim in October 2025.

What is Justin Sun's connection to the HTX exchange?

Tron founder Justin Sun took a controlling stake in the exchange in 2022, and HTX describes him as an adviser. The platform, owned by Panama-incorporated Huobi Global S.A., dropped the Huobi name in 2023. Sun has also invested in crypto projects linked to US President Donald Trump, including World Liberty Financial and the TRUMP memecoin.