The UK’s Financial Conduct Authority (FCA) has reached a settlement with Huobi Global S.A. in legal proceedings over breaches of UK financial promotion rules by HTX, the global crypto exchange formerly known as Huobi. As part of the outcome, the regulator has obtained High Court undertakings to ensure that HTX will not knowingly promote cryptoasset services unlawfully to UK consumers.
HTX is no longer active in the UK. According to the FCA, UK consumers can no longer make deposits on the platform, new UK users cannot sign up, and the exchange will not target, solicit, or actively seek to engage UK consumers. Existing UK users have been directed to information published on HTX’s website on the availability of its services in the UK and the arrangements for withdrawing any residual assets.
Background to the proceedings
The FCA began proceedings in the Business and Property Division of the High Court on 21 October 2025, citing breaches of UK financial promotion rules. Huobi Global S.A. is the first defendant. According to the regulator, HTX had repeatedly failed to engage with it before legal action was taken, and began taking steps to exit the UK only after proceedings had started. The FCA publicly announced the enforcement action on 10 February 2026.
The terms of the settlement are confidential. The FCA has stated that the settlement does not constitute an admission of liability or wrongdoing by Huobi Global or any other person or entity. Details of the proceedings and relevant court documents have been published by the regulator.
Scope of the undertakings
The undertakings are set out in a court order dated 27 October 2026. Under them, Huobi Global has committed not to knowingly, directly or indirectly, communicate or cause to be communicated a financial promotion in contravention of section 21 of the Financial Services and Markets Act 2000. The commitment covers HTX’s website, software applications, and social media platforms.
This means the undertakings reach beyond the exchange’s main web presence. They also cover the app and social media channels through which crypto platforms commonly reach retail users.
Commenting on the outcome, Steve Smart, executive director of enforcement and market oversight at the FCA, said that being based overseas does not put crypto firms beyond the reach of UK law. He added that the action means HTX is leaving the UK and can no longer target UK consumers, describing the outcome as a clear message to other firms to follow the rules or face the consequences.
Regulatory context
The FCA notes that crypto remains largely unregulated in the UK until October 2027, except for AML requirements and financial promotion rules. Within that framework, the financial promotions regime is one of the few areas in which the regulator can currently act against crypto firms that target UK consumers. The HTX case shows that regime being enforced through the courts against a platform operating from outside the country.
The FCA continues to advise consumers to check a firm’s permissions using the FCA Firm Checker and to remember that cryptoassets are high-risk investments.
