Justin Sun’s HTX has agreed to leave the United Kingdom, closing the Financial Conduct Authority’s first enforcement case against a crypto firm over financial promotions. The regulator announced the settlement today, ending a High Court action that began in October 2025, according to Financial Times reporting.
Under the court undertakings, Huobi Global S.A., the Panama-registered company behind the HTX brand, has promised not to communicate financial promotions that breach UK law across its website, apps and social media channels.
The FCA says the exchange is no longer active in Britain. UK customers cannot deposit funds, and new users cannot register. Existing customers have 48 hours to withdraw assets before their accounts close.
The regulator framed the outcome as a warning. Steve Smart, the FCA’s executive director of enforcement and market oversight, said that being based overseas does not place a firm beyond the reach of UK law.
Smart said that ‘Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law. Our action means HTX is leaving the UK and can no longer target UK consumers. The message to other firms is clear: follow the rules or face the consequences.’
The regulator said HTX had failed to really engage over several rounds of talks of the case. Settlement talks began in March and were extended in June
HTX settlement and background
HTX presents a different account. The exchange says it has put measures in place to align with UK promotion rules.
“We take local compliance requirements seriously and have proactively implemented measures to align with the UK’s financial promotion regulations,” the company said in a statement, according to Reuters.
The settlement terms remain confidential, and the FCA says the deal involves no admission of liability or wrongdoing. Public reporting does not say whether any fine was paid.
In May, the UK sanctioned Huobi Global over alleged support for Russia’s financial sector, listing HTX as another name for the designated entity.
In July, the European Union named Huobi Global in its 21st Russia sanctions package and barred EU transactions with the exchange, stopping short of a full asset freeze. HTX says Huobi Global S.A. is distinct from the online exchange.
Back in August, Kraken clients were briefly locked out of their accounts after receiving tiny amounts of cryptocurrency linked to sanctioned funds in what was known as a dust attack. Kraken said the attacks aimed to trigger compliance checks and spread sanctioned funds across platforms, causing operational disruptions for thousands of users.
Around 12,000 transfers were reportedly sent from a wallet linked to HTX. Kraken’s compliance team quickly restored customer access while retaining the sanctioned funds and working with authorities to prevent further attacks.
