UK Regulator Seeks Settlement with Crypto Exchange HTX Over Alleged Rule Breach

Britain's Financial Conduct Authority (FCA) is engaged in settlement talks with cryptocurrency exchange HTX over allegations of illegally promoting crypto services in the UK. The FCA sued HTX, formerly known as Huobi, last October, accusing it of breaching UK financial promotion rules that apply to cryptoassets since 2023.

The lawsuit highlights the challenges of policing global crypto companies, which can have opaque corporate structures and ignore regulators while reaching customers via the internet. The FCA accused HTX of ignoring repeated attempts to engage and having an 'opaque operational structure'. In response, a HTX spokesperson said: 'HTX remains dedicated to upholding high standards of compliance, transparency, and user protection.'

The settlement talks were extended by two months in June, with both sides given until late August to resolve their dispute. The FCA has warned consumers about dealing with HTX and Huobi, which are on its list of unauthorised companies.