FCA and Sanctioned Crypto Exchange HTX Engage in Settlement Talks

The UK's Financial Conduct Authority (FCA) and HTX, a cryptocurrency exchange under UK and European Union sanctions, are engaged in settlement talks to resolve allegations that HTX is illegally promoting crypto services in the UK.

The FCA sued HTX in October, accusing it of breaching UK financial promotion rules for cryptoassets since 2023. The regulator alleged that HTX had an 'opaque operational structure' and ignored repeated attempts to engage.

However, both sides have been exchanging emails and holding settlement talks since March, which were extended by two months in June. A High Court order halted the lawsuit proceedings until late August to allow for the settlement discussions.

The FCA has urged social media companies to remove HTX products from UK app stores and block HTX's accounts for UK-based users.