The Financial Conduct Authority said the exchange formerly known as Huobi settled a High Court case over illegal crypto promotions. UK users can no longer deposit or sign up. The terms are confidential and HTX admitted no liability.
Britain's financial regulator has pushed an offshore crypto exchange out of the country without a fine or an admission of wrongdoing. It used a court order instead.
The Financial Conduct Authority said on Thursday that "HTX is no longer active in the UK. Consumers can no longer make deposits, and new UK users cannot sign up." The exchange, formerly known as Huobi, settled the case the FCA brought in the High Court over illegal financial promotions.
Under a court order dated Oct. 27, Huobi Global S.A. gave undertakings, lasting until Oct. 21, 2031, not to knowingly communicate financial promotions that breach UK law through its website, apps or social media. The settlement agreement was dated Oct. 16. Its terms are confidential, it "does not constitute an admission of liability," and the court made no order on costs. The proceedings are stayed.
What it means for users
HTX has told remaining UK users that they must request a 48-hour window to withdraw their assets, according to a notice reported by crypto media. The process is set by the exchange. The FCA did not say how many UK users or how much money are affected.
A pattern of pressure
The FCA filed the case in October 2025 and had described it as its first enforcement action against a crypto firm over illegal marketing. HTX had already faced other measures. The UK sanctioned Huobi Global in May, and an EU ban on transactions took effect in August.
The case arrives ahead of the UK's full regime for crypto firms, which begins in October 2027. The HTX settlement shows how the FCA can use the promotions rules, through the courts, before that regime is in place.
Precedent or formality?
The precedent view: the regulator obtained a five-year, court-backed commitment and a complete exit without a contested trial, a template it can use against other offshore exchanges marketing to UK consumers.
The formality view: HTX was already under sanctions and had little UK business left to protect, the terms are confidential, and remaining users must follow the exchange's own process to get their money out.
What to watch
Any FCA action against other unregistered exchanges, the number of UK users and assets affected, compliance with the undertakings, and the FCA's rules for the regime starting in 2027.