Cryptocurrency exchange HTX, formerly known as Huobi and advised by Tron founder Justin Sun, has settled a High Court case brought by the UK Financial Conduct Authority over unlawful financial promotions. The regulator announced the outcome on Thursday, confirming that the platform is no longer active in Britain.

Under the agreement, Huobi Global S.A., the Panama-registered company named as the first defendant, has given undertakings to the court. It will not knowingly communicate or cause others to communicate financial promotions that breach Section 21 of the Financial Services and Markets Act 2000. The restrictions apply to the HTX website, applications and social media channels and remain in force until October 21, 2031.

The FCA stated that UK consumers can no longer make deposits and that new users from the country cannot register. Existing customers with remaining assets have been directed to the exchange for withdrawal information. HTX has indicated that trading is blocked for UK accounts and that eligible users receive a one-time 48-hour window to withdraw funds before accounts close, subject to compliance checks.

Timeline of the Case

The regulator filed its claim on October 21, 2025, describing the action as its first enforcement case against a crypto firm under the UK financial promotions regime that took effect in October 2023. The rules apply to marketing directed at UK consumers regardless of a firm’s location. The FCA publicly disclosed the proceedings on February 10, 2026, stating that HTX had continued to publish promotions after earlier warnings and had not fully engaged.

Settlement discussions began in March 2026 and were later extended. The parties signed a confidential settlement agreement on October 16. A High Court order dated October 27 stayed further proceedings except for steps needed to enforce the terms. The order records that the settlement does not amount to an admission of liability or wrongdoing by Huobi Global or any related party. No details of any financial payment have been made public.

Exchange Response and Operational Changes

HTX described the resolution as the result of constructive engagement. The company said it had worked to address the regulator’s concerns and had already put in place strengthened restrictions and exit arrangements for the UK market before the settlement was finalised. It stated that these measures align with the financial promotion rules and that the agreement reinforces them without any admission of misconduct.

The FCA’s account differs on the period before litigation, noting repeated failures to engage that led to the court action. Once proceedings started, the exchange began steps to leave the UK market.

Separate Sanctions Remain in Place

The promotions settlement follows earlier measures against the same corporate group. On May 26 the UK imposed an asset freeze on Huobi Global, citing alleged support for Russia’s financial sector and listing HTX as another name for the designated entity. The European Union later included Huobi Global in its Russia sanctions package on July 23, with a transaction ban taking effect on August 23.

HTX has maintained that Huobi Global S.A. is distinct from the online exchange and that user funds were not affected by the sanctions. UK authorities have treated the platform as covered because of the ownership link. These separate restrictions continue to limit the exchange’s operations in the UK and EU markets.

The FCA has directed remaining UK customers to the exchange’s support channels for details on residual assets. The regulator’s warning notice also states that customers of HTX do not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme.