The UK’s financial regulator, the Financial Conduct Authority (FCA), has taken its oversight of the cryptocurrency exchange HTX to the next level.
The agency announced that it has formally initiated legal proceedings in 2025 against HTX, formerly known as Huobi and publicly linked to Justin Sun, for allegedly promoting illegal crypto assets to consumers in the United Kingdom.
The FCA announced on Tuesday that HTX had allegedly published content on its website and social media platforms such as TikTok, X, Facebook, Instagram and YouTube that violated financial promotion rules targeting users in the UK.
Under regulations that came into effect in October 2023, companies marketing crypto assets in the UK are required to comply with strict financial advertising rules and use authorized or approved promotions. Violation of these rules is considered a punishable offense.
The FCA claims that HTX had previously been warned about illegal promotions but continued to publish content anyway. The regulator also described the company’s corporate structure as “lacking transparency” and stated that attempts to communicate with the firm had gone unanswered.
Although HTX has reportedly restricted new UK customers from opening accounts following the initiation of legal proceedings, the FCA stated that existing users still have access to illegal promotions and that the FCA has not received assurances that the restrictions will be permanent.
Steve Smart, the FCA’s co-director of enforcement and market surveillance, added that the agency will continue to take action against companies that violate its rules. Smart said, “HTX’s stance is in stark contrast to the vast majority of firms trying to comply with the FCA regime. This is the first enforcement action we have initiated in the UK against a crypto firm that was illegally marketing to consumers.”
As part of consumer protection measures, the FCA has requested that social media platforms block HTX accounts for users based in the UK. It has also asked Apple and Google to remove HTX applications from their UK app stores.
HTX is already on the FCA’s Warning List. UK consumers who have traded with companies on this list are not eligible for Financial Ombudsman Service protection and have a very low chance of recovering their funds if the company goes bankrupt.
The regulatory process against HTX began with initial warnings in 2023. Following the company’s placement on the Warning List, the matter was referred to the Chancery Division of the High Court of England and Wales in October 2025. The FCA filed lawsuits against individuals and entities allegedly linked to HTX and accused of managing the exchange’s promotional activities.
Although previous press reports suggested the platform was linked to Justin Sun, Sun’s name does not appear directly in the FCA’s official court documents.
*This is not investment advice.
