Polymarket · United Kingdom · CoinDesk
The regulator said the Singapore-based exchange, which Justin Sun acquired in May 2023, also failed to answer its inquiries
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“Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law,” said Steve Smart, the FCA's executive director of enforcement and market oversight.
Key facts
- HTX continued advertising its crypto services to consumers in the U.K. despite an FCA warning in October 2023
- The regulator said the Singapore-based exchange, which Justin Sun acquired in May 2023, also failed to answer its inquiries
- The FCA secured High Court rulings to prevent HTX from knowingly promoting crypto services illegally to U.K. consumers, according to an announcement on Thursday
- The settlement terms are confidential and do not constitute an admission of wrongdoing by HTX or Huobi Global S.A., the FCA said
Summary
HTX, the cryptocurrency exchange formerly known as Huobi, has withdrawn from Britain after settling with the Financial Conduct Authority over alleged violations of financial advertising rules, without admitting wrongdoing. British customers can no longer make deposits, new users cannot register, and existing customers should consult HTX’s website for instructions on withdrawing their assets. The settlement bars HTX from targeting British consumers through its website, apps and social media as Britain prepares to expand cryptocurrency regulation in October 2027. The FCA secured High Court rulings to prevent HTX from knowingly promoting crypto services illegally to U.K. consumers, according to an announcement on Thursday.