The United Kingdom’s Financial Conduct Authority has secured High Court undertakings that prevent cryptocurrency exchange HTX, formerly known as Huobi, from knowingly promoting cryptoasset services unlawfully to British consumers. The FCA announced the settlement on October 29, 2026, saying the exchange has ceased operating in the UK and no longer accepts deposits or new registrations from UK users.
The regulator said the agreement was reached with Huobi Global S.A. following proceedings that began in October 2025. The case focused on the UK’s financial promotion rules, which apply to marketing cryptoassets to consumers even when an exchange is based outside Britain.
What changes for HTX users in the UK?
According to the FCA’s October 29 announcement, HTX must not target, solicit or actively seek to engage UK consumers. The company can no longer accept deposits from UK consumers, and new users in the country cannot sign up to its trading platform.
These restrictions are distinct from the question of whether existing users can recover assets already on the exchange. The regulator urged UK customers to consult HTX’s own guidance on service availability and the arrangements for withdrawing any residual holdings.
The court undertakings also cover communications made through an exchange website, software applications and social media. They are framed around section 21 of the Financial Services and Markets Act 2000, which governs unauthorized financial promotions.
How the legal dispute developed
The FCA brought its claim in October 2025 and publicly discussed its enforcement action against HTX in February 2026. It said the exchange had repeatedly failed to engage with the regulator and continued to promote crypto services to British consumers in breach of the rules.
After proceedings began, the exchange took steps to leave the market. The newly disclosed settlement formalizes that position through undertakings to the High Court. The terms of the settlement itself remain confidential.
Crucially, the agreement is not an admission of wrongdoing or liability by Huobi Global or any other party. The announcement describes an enforcement outcome and court commitments, not a criminal conviction or a finding that particular customer assets have been lost.
Why overseas crypto exchanges should pay attention
The case shows how regulators can apply domestic advertising and financial promotion requirements to companies operating across borders. In its statement, the FCA emphasized that an overseas headquarters does not exempt a platform from rules applicable to UK-facing promotions.
Britain is also preparing a broader regulatory regime for crypto businesses. The FCA opened its crypto authorization gateway in September, ahead of a regime scheduled to take effect in October 2027. The HTX settlement, however, concerns existing financial promotion restrictions, not a decision under the future licensing regime.
Investors should distinguish a platform’s ability to market to UK users from its custody obligations and the practical arrangements available for withdrawals. Affected account holders should rely on verified regulator and exchange communications rather than messages from accounts claiming to recover funds.
BlockBriefing follows similar cases and regulatory implementation dates in its crypto regulation tracker.
Primary sources: FCA announcement, October 29, 2026; FCA legal proceedings record. The facts about UK access and the settlement are attributed to the regulator.
