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Briefly
- The FCA has begun authorized proceedings in opposition to HTX, stating that the crypto trade was not complying with guidelines that defend customers from unfair and deceptive advertising and marketing.
- HTX’s accounts at the moment are blocked for UK customers on a number of social media platforms.
- The regulator is getting ready to tackle a bigger position within the regulation of crypto asset suppliers within the nation.
The UK’s Monetary Conduct Authority stated Tuesday that it had begun authorized proceedings in opposition to HTX, the crypto trade based by Tron creator Justin Solar, for “illegally selling crypto asset companies to UK customers.”
The motion comes underneath guidelines enacted in October 2023 that mandate corporations offering crypto companies adjust to measures to guard customers from “unfair and deceptive advertising and marketing.” The regulator stated in an announcement it had beforehand warned HTX, previously often known as Huobi, about its promoting within the UK.
We’ve begun authorized proceedings in opposition to international crypto trade HTX (previously Huobi).
HTX’s conduct stands in stark distinction to the vast majority of corporations working to adjust to our regime.
HTX is presently on our Warning Listing.https://t.co/LJEtMWuTLS pic.twitter.com/N0Hy1hmy1C
— Monetary Conduct Authority (@TheFCA) February 10, 2026
“HTX operates an opaque organisational construction, hiding the identities of its house owners and the operators of its web site. Repeated makes an attempt by the FCA to interact with HTX have been ignored,” the regulator stated in an announcement on its web site.
It added that, “Since difficulty of the proceedings, HTX has taken steps to limit new UK prospects from registering an account. Nonetheless, present UK customers can nonetheless log in and entry illegal monetary promotions, and HTX has given no assurance that the modifications might be everlasting. The FCA subsequently stays involved that the chance of ongoing breaches continues.”
The block seems to have already taken impact on a number of websites. HTX’s Fb web page is now not accessible within the UK, changed with a message stating “Content material not out there in United Kingdom. It is because we complied with a authorized request to limit this content material.” Its Instagram and TikTok pages are additionally not accessible, although its X and YouTube stay unblocked.
HTX didn’t reply to a request for remark.
The FCA and UK crypto regulation
The FCA is shoring up its crypto provisions following a proposal by the Treasury in December to increase the FCA’s remit past present deal with anti-money laundering (AML) provisions. It’s presently consulting on new guidelines overlaying areas comparable to client obligation, conduct and oversight for crypto corporations, because it strikes in direction of bringing crypto regulation extra according to that of conventional finance. A full crypto regulatory regime is slated to launch within the UK in 2027, with purposes for licensing opening later this yr.
Over the previous few weeks, a number of corporations have been granted licenses which convey them underneath the scope of the FCA’s AML rules. This week Blockchain.com secured FCA registration within the UK, following Ripple in January.
"Securing this registration… places us underneath lively oversight instantly,” a spokesperson for Blockchain.com instructed Decrypt. “As a substitute of ready for laws, Blockchain.com is now working underneath the identical rigorous requirements as conventional finance and banks within the UK."
Steve Sensible, joint government director of enforcement and market oversight on the FCA, stated the promoting guidelines had been “designed to assist a sustainable and aggressive crypto market within the UK, making certain that customers have what they should make knowledgeable selections.”
“'HTX’s conduct stands in stark distinction to the vast majority of corporations working to adjust to the FCA’s regime,” he stated. Noting that it was the "first time we’ve taken enforcement motion in opposition to a crypto agency illegally advertising and marketing their merchandise to UK customers," Sensible acknowledged that the FCA will "proceed to behave in opposition to corporations who ignore our guidelines."
