Justin Sun's HTX has agreed to leave the United Kingdom, concluding the Financial Conduct Authority's first enforcement case against a crypto firm over financial promotions. The FCA announced the settlement on October 29, 2026, ending a High Court action that began in October 2025, according to Financial Times reporting.

Under undertakings filed with the court, Huobi Global S.A., the Panama-registered company behind the HTX brand, has agreed not to communicate financial promotions that breach UK law through its website, applications or social media channels. The FCA said HTX is no longer active in Britain. UK customers cannot deposit funds, and new users cannot register. Existing customers have 48 hours to withdraw their assets before their accounts are closed.

The regulator presented the settlement as a warning to overseas crypto firms. Steve Smart, the FCA's executive director of enforcement and market oversight, said that a company's overseas base does not place it beyond the reach of UK law.

“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,” Smart said.

The FCA said HTX had failed to engage meaningfully during several rounds of discussions about the case. Settlement talks began in March and were extended in June.

HTX's account and broader regulatory background

HTX presented a different account, saying it had introduced measures to comply with UK financial-promotion rules.

“We take local compliance requirements seriously and have proactively implemented measures to align with the UK's financial promotion regulations,” the exchange said in a statement, according to Reuters.

The settlement terms remain confidential. The FCA said the agreement includes no admission of liability or wrongdoing, and public reporting does not indicate whether HTX paid a fine.

The settlement also arrives against the backdrop of sanctions measures imposed by the UK and the EU this year. In May, the UK sanctioned Huobi Global over alleged support for Russia's financial sector, listing HTX as another name for the designated entity in the UK sanctions list. In July, the European Union named Huobi Global in its 21st Russia sanctions package and barred EU transactions with the exchange, while stopping short of a full asset freeze, according to Reuters. HTX has said Huobi Global S.A. is distinct from the online exchange.

In August, Kraken customers were briefly locked out of their accounts after receiving small amounts of cryptocurrency linked to sanctioned funds in what was described as a dust attack. Kraken said the attacks were intended to trigger compliance checks and distribute sanctioned funds across platforms, causing operational disruptions for thousands of users. Around 12,000 transfers were reportedly sent from a wallet linked to HTX. Kraken's compliance team restored customer access while retaining the sanctioned funds and working with authorities to prevent further attacks, as previously reported by Bitcoin Magazine.

This article first appeared on Bitcoin Magazine and was written by Micah Zimmerman.