UK FCA seeks to block Justin Sun-linked HTX after alleged breaches of crypto marketing rules

The UK Financial Conduct Authority (FCA) has initiated legal proceedings against cryptocurrency exchange HTX (formerly Huobi) due to alleged breaches of financial promotion rules. The FCA claims HTX continued to promote cryptoasset services to UK consumers despite warnings, publishing unlawful promotions on various social media platforms. The regulator describes HTX’s corporate structure as opaque and notes a lack of engagement from the firm. While HTX has restricted new UK customer registrations, existing users still have access to unlawful promotions. The FCA has requested social media platforms and app stores to block HTX’s access for UK users and has added HTX to its Warning List, meaning UK consumers are unlikely to recover funds if the company fails. This action follows previous warnings and High Court proceedings initiated in October 2023, linked to individuals associated with entrepreneur Justin Sun.

(Source：The Block)