HTX Exits Britain, but User Funds Hit a Sanctions Maze 🧭

Crypto exchange HTX has agreed to stop unlawfully promoting its services in the United Kingdom after settling a Financial Conduct Authority lawsuit in the High Court, with the regulator announcing the agreement Thursday. The FCA said HTX, formerly known as Huobi, would not knowingly communicate financial promotions that breach UK law through its website, apps or social media.

The undertaking applies to Huobi Global S.A., the Panama-registered company named as the first defendant, and runs until Oct. 21, 2031. HTX, which names Tron founder Justin Sun as a global adviser, no longer accepts deposits from UK customers, blocks trading for existing users and prevents new users from signing up. The exchange’s website directs existing customers to withdraw their assets within 48 hours before their accounts are closed, while the FCA says remaining users should follow withdrawal instructions on the website.

The FCA began proceedings against HTX in October 2025, its first enforcement case against a crypto firm under the UK financial promotion rules, after the exchange repeatedly failed to engage with the regulator. The filing cited 4.6 million UK visits to HTX in 2023, while the rules applicable to overseas firms took effect in October 2023. Settlement discussions began in March and were extended in June, according to court orders reported by Reuters. The settlement terms are confidential and do not amount to an admission of liability or wrongdoing.

“Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law,” said Steve Smart, FCA executive director of enforcement and market oversight. “The message to other firms is clear: follow the rules or face the consequences.” HTX said it had “proactively implemented measures to align with the UK’s financial promotion regulations.”

The agreement follows sanctions that have complicated withdrawals. The United Kingdom sanctioned Huobi Global S.A. on May 26 over alleged support for Russia’s financial sector and imposed an asset freeze, with authorities saying HTX was covered because Huobi Global owned it. HTX has said the company is separate from the exchange. The European Union named Huobi Global in its 21st package of Russia sanctions on July 23 and barred transactions with the exchange from Aug. 23. The UK government separately sanctioned HTX for “making available funds, economic resources, goods or technology to individuals and entities in the Russian financial sector.” Treasury sanctions guidance does not address customer withdrawals, and HTX reported over $3 trillion in trading volume last year.