HTX Halts UK Operations After FCA Court Undertakings on Crypto Promotions

HTX, the global cryptocurrency exchange formerly known as Huobi, has ceased operations in the United Kingdom after the Financial Conduct Authority (FCA) secured court undertakings over its financial promotions. The regulator announced that HTX is no longer active in the UK market following the settlement, which does not constitute an admission of wrongdoing by the exchange. The FCA had previously warned that HTX was promoting financial services without authorization, and the court-enforceable undertakings now require the firm to stop UK activity and remove any illegal promotions. This move highlights the FCA's tightening grip on crypto firms under the UK's financial promotion rules, which mandate that cryptoasset promotions be approved by an authorized firm or comply with specific exemptions. For UK consumers, the action underscores the risks of unregulated crypto platforms and the regulator's commitment to enforcement. As the FCA intensifies oversight, other offshore exchanges may face similar pressure to either comply or exit the UK market.