Content
The UK’s Financial Conduct Authority has launched legal proceedings against HTX (formerly Huobi), accusing the global exchange of illegally promoting cryptoasset services to UK consumers in breach of the country’s financial promotions rules.
In a press release published February 10, 2026, the FCA said firms marketing crypto to UK consumers must comply with rules designed to prevent unfair or misleading advertising — and that promoting cryptoassets without meeting those requirements is a criminal offence. The regulator says it previously warned HTX, but claims the exchange continued to publish promotions via its website and major social platforms.
The FCA is also leaning on distribution pressure. It said it asked social media companies to block HTX’s accounts for UK-based users and requested the removal of HTX apps from the UK versions of Google Play and Apple’s App Store, as part of efforts to stop the promotions reaching consumers.
What the FCA says drove the escalation
The FCA’s case isn’t only about what it calls illegal promotions — it’s also about who it can actually hold accountable. The regulator says HTX operates an “opaque organisational structure,” alleging it hides the identities of owners and the operators of its website, and that repeated attempts to engage were ignored.
The FCA adds that after proceedings were issued, HTX took steps to restrict new UK customers from registering, but it says existing UK users can still log in and access unlawful promotions, and that HTX has provided no assurance the restrictions will be permanent. That ongoing access, the regulator says, is why it remains concerned about continued breaches.
In a separate FCA statement published the same day, the regulator sets out the legal framing: “FCA v Huobi Global S.A. and Others.” It says it commenced proceedings in the Chancery Division of the High Court on October 21, 2025 against Huobi Global S.A. (a Panama-incorporated company) and multiple categories of “persons unknown” — including individuals/entities said to control the HTX Exchange website/apps, those defined as “HTX Operators” in the platform’s user agreement, and those controlling HTX promotions across social platforms.
The FCA also notes that on February 4, 2026, the High Court granted permission for the FCA to serve the proceedings out of the jurisdiction and by alternative means, and it published a set of key case documents for the parties it’s targeting.
A consumer warning, in plain terms
The FCA is explicit that HTX is on its Warning List, and warns that consumers dealing with the firm won’t have access to the Financial Ombudsman Service if they have a complaint. It also cautions that consumers are unlikely to get their money back if the firm goes out of business.
The regulator’s broader message is simple: since the promotions regime took effect in October 2023, most firms have worked to comply — and the FCA is now showing it will take action when a major overseas platform doesn’t.
Why it matters for crypto
- The UK is testing real enforcement teeth on offshore exchanges. The FCA calls this the first time it has taken enforcement action against a crypto firm for illegally marketing products to UK consumers.
- Distribution choke points are now part of the toolkit. Beyond court proceedings, the FCA is pushing for social blocking and app-store removals in the UK — a practical way to reduce reach fast.
- “Who’s responsible?” is becoming the battleground. The FCA is openly targeting “persons unknown” linked to control of the exchange and its promotions, highlighting how regulators may pursue accountability when ownership structures are unclear.
- UK users face limited protection when dealing with unauthorised firms. The FCA is emphasizing complaint routes and the lack of Ombudsman access in cases like this.
What to watch next
- Court milestones in the High Court case. The FCA has laid out the parties and published key documents; next signals will be court updates, orders, or outcomes tied to stopping UK-facing promotions.
- Whether UK access restrictions become durable. HTX has reportedly restricted new UK registrations, but the FCA says existing users can still access promotions — watch for broader blocking, geo-restrictions, or product changes.
- App store and platform compliance. The regulator has requested removal from UK app stores and social restrictions; watch how consistently those measures are implemented across platforms.
- Copycat enforcement against other overseas firms. The FCA is positioning this as a line in the sand for the promotions regime; similar actions could follow.
Source: FCA Press Release — “FCA takes action against HTX to stop illegal financial promotions”