Justin Sun's HTX Forced Out of the UK After Regulator Dispute

The cryptocurrency exchange HTX is leaving the United Kingdom following a settlement in a case brought by the Financial Conduct Authority (FCA) over illegal cryptocurrency promotions, the regulator said on Thursday.

The FCA said it had obtained undertakings at the High Court that HTX, formerly known as Huobi, will not knowingly promote cryptocurrency services illegally to UK consumers. Huobi Global S.A., a company registered in Panama and named as the first defendant, committed not to run financial promotions in breach of UK law on HTX's website, apps and social media, according to the court order.

HTX, which has Tron founder Justin Sun as a global adviser, is no longer active in the UK, the regulator said. UK consumers can no longer make deposits, and new UK users cannot sign up.

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

HTX said it had "proactively implemented measures to align with the UK's financial promotion regulations," the Financial Times reported. On its website, the exchange said existing UK customers are barred from trading and have 48 hours to withdraw their assets before their accounts are closed.

The terms of the settlement are confidential and do not represent an admission of liability or wrongdoing, the FCA said.

The regulator opened proceedings against HTX in October 2025, its first enforcement case against a crypto firm under the UK's financial promotion rules, alleging the exchange had repeatedly failed to cooperate. The two parties began settlement talks in March, which were extended in June, according to court orders reported by Reuters.

In May, the UK sanctioned Huobi Global S.A. over alleged support for Russia's financial sector, with the government notice listing HTX as another name for the designated entity.

Two months later, the European Union named Huobi Global in its 21st sanctions package against Russia, accusing it of "significantly frustrating" the bloc's measures and banning EU transactions with the exchange, though it stopped short of a full asset freeze. HTX said Huobi Global S.A. is "distinct from the online exchange HTX".

* Translated and edited with permission from Decrypt.

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