HTX Gives FCA High Court Undertakings
The Financial Conduct Authority (FCA) announced today that it has secured High Court undertakings from the crypto exchange HTX, formerly Huobi, that it will not knowingly promote cryptoasset services unlawfully to UK consumers. Undertakings are formal promises to the court, enforceable like an order. The FCA began proceedings in the Business and Property Division of the High Court on 21 October 2025 and announced the action on 10 February 2026. Huobi Global S.A., HTX’s operating entity, is the first defendant.
Huobi Global’s undertakings bar it from knowingly, directly or indirectly, communicating or causing the communication of a financial promotion in contravention of section 21 of the Financial Services and Markets Act 2000 (FSMA). A financial promotion is marketing that invites people to invest, and section 21 restricts who may issue it. The undertakings cover the HTX website, software applications and social media platforms.
The FCA says HTX failed repeatedly to engage with it and took steps to exit the UK after proceedings began. HTX is no longer active in the UK: consumers cannot deposit, new UK users cannot sign up, and HTX will not target, solicit or actively seek to engage UK consumers. UK users should read HTX’s website for the withdrawal arrangements for residual assets.
The settlement terms are confidential. The settlement is not an admission of liability or wrongdoing, and the FCA’s notice states no penalty or payment amount.
Steve Smart, executive director of enforcement and market oversight at the FCA, said:
Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law. Our action means HTX is leaving the UK and can no longer target UK consumers. The message to other firms is clear: follow the rules or face the consequences.
Steve Smart, executive director of enforcement and market oversight, FCA
For offshore exchanges marketing to UK users, the case shows the FCA enforcing section 21 through the High Court against an overseas operator, with website, app and social media marketing all within the undertakings.
