At a glance

  • Huobi Global S.A., the company behind the HTX exchange, has promised the High Court that it will not knowingly promote crypto services to UK consumers in breach of UK law, settling a case brought by the Financial Conduct Authority, the FCA said on 29 Oct.
  • HTX no longer takes deposits or new users from the UK. The terms of the settlement are confidential, and the FCA said they are not an admission of liability or wrongdoing.

The promises are recorded in a Tomlin order, a court order that pauses a case on terms the parties have agreed. It was made on 27 Oct by Deputy Master Holden and shows the undertakings run until 21 Oct 2031.

The FCA started proceedings in the High Court on 21 Oct 2025 and announced them on 10 Feb 2026. The regulator said HTX “had failed repeatedly to engage” before the case began, and took steps to leave the UK afterwards.

What the undertakings cover

An undertaking is a formal promise to a court. Breaking one can be treated as contempt of court.

Huobi Global’s main undertaking is not to communicate a financial promotion in breach of section 21 of the Financial Services and Markets Act 2000. That section bars firms from inviting UK consumers to invest unless the promotion is made or approved by an authorised firm or an exemption applies.

The order says this covers HTX’s website, its apps and its social media accounts. It lists X, Facebook, Instagram, Telegram, TikTok, YouTube, Discord, Medium and LinkedIn.

The court stayed the claim, with no order as to costs. The order refers to a confidential settlement agreement dated 16 Oct 2026, and lets either side return to court to enforce it without a new claim.

What the FCA says

“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 executive director of enforcement and market oversight. “Our action means HTX is leaving the UK and can no longer target UK consumers.”

The FCA reminded consumers that until October 2027, UK rules for crypto cover only money-laundering controls and promotions. That is when its full regime is due to start, as set out in its October consultations.

What HTX says

HTX had not commented publicly on the settlement by the time of publication, as far as we could find. A notice on its website, dated 16 Oct, says UK accounts can no longer deposit, trade or transact. UK users holding leftover assets can ask for a one-time 48-hour window to withdraw them.

The notice says these withdrawals are subject to the UK’s Personal Remittances General Licence, a sanctions licence.

Huobi Global S.A. was added to the UK sanctions list under the Russia regime on 26 May 2026, according to the government’s published list. The UK took similar steps against Cryptomus’s owner on 9 Oct.

HTX’s operator also faces action elsewhere. A Kazakh court barred HTX and five other platforms on 20 Oct for operating without a licence.

What happens next

The undertakings bind Huobi Global until 21 Oct 2031. The order also names four groups of “persons unknown” behind the exchange, but the promises in its schedule are given by Huobi Global alone. UK users with assets still on the platform should follow HTX’s withdrawal instructions, the regulator said.

This article is for information only and is not investment advice.