The UK Financial Conduct Authority (FCA) has initiated High Court proceedings against cryptocurrency exchange HTX, alleging the firm illegally promoted crypto asset services to UK consumers. The case, filed in the Chancery Division, relates to suspected breaches of the Financial Promotions Regime introduced in October 2023.
According to the FCA, HTX, which is incorporated in Panama and formerly operated as Huobi Global, continued to advertise crypto services through its website and major social media platforms despite prior regulatory warnings. The watchdog said it has received court approval to serve proceedings outside the UK and by alternative means due to the exchange’s offshore structure.
The FCA said the action underscores its intent to enforce strict marketing standards for crypto firms operating in or targeting the UK. In addition to court proceedings, the regulator has requested that app stores and social media platforms restrict HTX’s access to UK users and has placed the firm on its public Warning List.
