HTX agrees to halt unlawful UK crypto promotions after FCA court action
Britain's financial regulator is tightening enforcement of crypto marketing rules with a High Court agreement covering exchange HTX. The deal bars the platform from knowingly promoting cryptoasset services unlawfully to UK customers and from targeting or actively seeking to engage UK consumers.
Highlights
- HTX agreed in a High Court arrangement with the FCA to halt all unlawful cryptoasset promotions directed at UK consumers.
- The FCA's lawsuit against HTX, formerly Huobi, began in October 2023 and led to a binding agreement restricting the platform's UK marketing.
- This case underscores that overseas crypto firms like HTX face heightened legal risks in the UK if their promotions breach local financial rules.
High Court deal follows FCA lawsuit
As reported by Reuters, citing the Financial Conduct Authority, HTX has agreed through a High Court arrangement that it will not knowingly promote cryptoasset services unlawfully to customers in the UK.The regulator says it reached the agreement with Huobi Global, under which HTX will not target, solicit or actively seek to engage UK consumers. The FCA sued HTX, formerly known as Huobi, in October last year.
Implications for UK crypto compliance
The case adds to the FCA's oversight of how overseas crypto platforms market services into Britain. It also signals that firms seeking UK customers face legal risk if their promotions fall outside the country's financial rules.HTX is one of the world's largest crypto platforms. Chinese billionaire Justin Sun bought a controlling stake in the business in 2022.
In our earlier article on the Bank of England’s push for “bare metal” recovery planning, we covered regulators’ warning that banks need independent fallback systems to keep critical services running if core technology is compromised. The piece also highlighted how advances in AI are increasing the scale and complexity of cyber attacks, prompting supervisors to raise expectations for end-to-end operational resilience across the financial system.
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