HTX Leaves UK Under FCA High Court Agreement

The crypto exchange HTX, controlled by Justin Sun, exited the British market through a High Court agreement with the FCA. Fresh deposits from UK customers are halted, and the platform is closed to new registrations.

This settlement resolved a year-long legal battle concerning unlawful promotions. A more significant hurdle remains for current UK account holders: withdrawing their money from an exchange the state already deems sanctioned.

How Customers in the UK Can Access Funds from HTX

The regulator stated that HTX, previously known as Huobi, is directing its remaining British clients to its website so they can take out any funds left on the platform.

This path, however, is blocked by sanctions. The UK placed Huobi Global S.A., the Panamanian firm that controls HTX, on its sanctions list on May 26 due to accusations of financial ties to Russia.

The Treasury's sanctions body subsequently clarified that the exchange falls under the measures. Their official documentation offers no direction regarding customer withdrawals.

BeInCrypto reported in August on a UK user claiming their account had been frozen until sanctions clearance was obtained. That same article noted the impending FCA settlement, which has now been finalized.

The Regulator's Reasoning for Bringing a Foreign Exchange to High Court

The legal action, initiated in October 2025, marked the first time the FCA pursued a High Court case against an overseas crypto business for its UK advertising practices. Court documents recorded 4.6 million visits to HTX from the UK in 2023.

A court order dated October 27 binds HTX to refrain from deliberate crypto marketing to British consumers.

“Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law,” Steve Smart, FCA executive director of enforcement and market oversight, said.

The settlement's specific terms remain undisclosed. The FCA emphasizes the agreement does not constitute an admission of guilt. HTX asserts it had already taken steps to comply with regulations.

“We take local compliance requirements seriously and have proactively implemented measures to align with the UK’s financial promotion regulations,” HTX said in a statement.

Implications of the UK Licensing Deadline for Non-Domestic Exchanges

The UK's licensing framework for crypto goes live in October 2027. The FCA confirms that, until that date, digital assets remain mostly unregulated except for anti-money laundering and advertising protocols.

Binance, lacking a UK license, has announced plans to re-enter the market with authorization before the February 2027 application cutoff. HTX is moving in the opposite direction, and its British clients remain without any official sanctions directives concerning fund withdrawals.