Justin Sun’s HTX has agreed to leave the United Kingdom, settling the Financial Conduct Authority’s first enforcement action against a crypto exchange over unauthorized financial promotions.
The FCA announced the settlement on October 29, 2026, ending a High Court action that began in October 2025. Under the agreement, Huobi Global S.A., the Panama-registered company behind the HTX brand, has committed under court undertakings not to communicate financial promotions breaching UK law across its website, apps, and social media.
Existing UK customers have 48 hours to withdraw their assets before accounts close. The FCA says HTX is no longer active in Britain; UK customers cannot deposit funds and new users cannot register.
Steve Smart, the FCA’s executive director of enforcement and market oversight, said: “Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law. Our action means HTX is leaving the UK and can no longer target UK consumers. The message to other firms is clear: follow the rules or face the consequences.”
HTX responded in a statement to Reuters: “We take local compliance requirements seriously and have proactively implemented measures to align with the UK’s financial promotion regulations.”
Settlement terms remain confidential with no admission of liability or wrongdoing stated. The FCA did not disclose any fine amount.
Broader sanctions context
The HTX settlement follows separate enforcement actions against Huobi Global. In May 2026, the UK sanctioned Huobi Global over alleged support for Russia’s financial sector. In July 2026, the EU named Huobi Global in its 21st Russia sanctions package and barred EU transactions. HTX claims Huobi Global S.A. is distinct from the online exchange.
In August 2026, Kraken clients were briefly locked out after receiving cryptocurrency linked to sanctioned funds in a dust attack. Approximately 12,000 transfers were reportedly sent from a wallet linked to HTX during the incident.
