HTX Quits the UK and Swears Off Crypto Marketing Until 2031 After Britain's Regulator Took It to Court

HTX, the offshore crypto exchange formerly known as Huobi, is leaving Britain after a fight with its financial regulator. It has settled the Financial Conduct Authority's lawsuit by promising a court it won't knowingly run illegal crypto promotions to UK consumers until October 2031, and its exit is already underway.

The FCA announced the deal on Thursday, October 29. Huobi Global S.A., the Panamanian company behind HTX, agreed the ban covers the exchange's website, apps and social media. Those court undertakings run until October 21, 2031.

The terms are confidential, and the agreement is not an admission of liability or wrongdoing.

A first for the FCA

The regulator brought the case in October 2025 and announced it in February, describing it as its first enforcement action against a crypto firm over illegal marketing. It wants other firms to read the outcome as a warning.

"Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law," enforcement director Steve Smart said. "The message to other firms is clear: follow the rules or face the consequences."

Europe is fighting a parallel battle over exchanges that reach local customers without local approval. Last month, regulators there were pressing Binance over the reverse solicitation exemption, a narrow carve-out that lets an unlicensed firm serve EU clients only when they come to it unprompted by marketing.

One window to get out

For HTX's remaining British customers, the door is closing. An October 16 notice said existing UK accounts could no longer deposit or trade, and deposits and new registrations were already blocked.

Eligible users can request a one time, 48 hour window to withdraw what is left. Even that needs approval and passes through compliance checks. Accounts close once all the assets are out.

Sanctions got there first

The lawsuit was not the exchange's only British problem by the time it settled. On May 26, the UK sanctioned Huobi Global with an asset freeze over suspected support for Russia's government.

HTX argued that the company was separate from the exchange. UK authorities disagreed, saying the platform was covered because Huobi Global owned it. The EU followed on July 23 with a transaction ban on HTX, effective August 23.

The Sun connection

The exchange also has a well connected adviser. Tron founder Justin Sun is an HTX adviser, and he has invested in crypto projects linked to President Donald Trump, including World Liberty Financial and the TRUMP memecoin.

That relationship has since soured. Sun sued World Liberty in April over the freezing of his WLFI tokens, and the company filed a defamation suit against him in May, which he denies.

For the FCA, the result is a five year promise from an exchange that is leaving anyway. For the customers still there, it comes down to 48 hours, once approved, to get their assets out.

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