HTX’s UK Exit Ends the Promos—but Is There a Clear Escape Route for Funds?

Crypto exchange HTX has agreed to stop unlawfully promoting its services in the United Kingdom under a confidential High Court settlement with the Financial Conduct Authority, announced Thursday. Huobi Global S.A., the Panama-registered company named as the first defendant, has undertaken not to knowingly communicate financial promotions that breach UK law through HTX’s website, apps or social media. The promise runs until Oct. 21, 2031.

The FCA said HTX, formerly known as Huobi, is no longer active in the United Kingdom. UK consumers can no longer make deposits, while new users cannot sign up. HTX’s website says existing UK customers are blocked from trading and have 48 hours to withdraw their assets before their accounts are closed. The FCA also said the exchange directs remaining UK customers to its website to withdraw leftover assets, but authorities have not published guidance addressing possible sanctions restrictions on those withdrawals.

The settlement terms are confidential and do not amount to an admission of liability or wrongdoing, the FCA said. Its proceedings began in October 2025 and represented the regulator’s first enforcement case against a crypto firm under the UK’s financial promotion rules. The FCA said HTX had repeatedly failed to engage with it; settlement talks began in March and were extended in June, according to court orders reported by Reuters. The filing cited 4.6 million UK visits to HTX in 2023.

“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. “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 separate sanctions against HTX and Huobi Global. The United Kingdom sanctioned Huobi Global S.A. on May 26 over alleged support for Russia’s financial sector, with the government’s notice listing HTX as another name for the designated entity. The United Kingdom also sanctioned HTX for “making available funds, economic resources, goods or technology to individuals and entities in the Russian financial sector.” The European Union named Huobi Global in its 21st package of Russia sanctions on July 23, accusing it of “significantly frustrating” the bloc’s measures and barring EU transactions with the exchange from Aug. 23. HTX has denied the allegations and said Huobi Global S.A. is distinct from the online HTX exchange, while UK authorities said the platform was covered because Huobi Global owned it. A separate report has flagged $7.6B in Russia-linked flows.

HTX, which names Tron founder Justin Sun as a global adviser, reported over $3 trillion in trading volume last year. Britain’s crypto licensing regime is scheduled to begin in October 2027, while Binance plans to seek authorization before applications close in February 2027. HTX said its statement in response to the Financial Times, which reported that the exchange had already acted to comply.