UK regulator sues exchange over unlawful promotions

The Financial Conduct Authority filed civil proceedings on 22 October 2025 in Londons High Court in a high-profile htx lawsuit accusing HTX (formerly Huobi) of unlawfully promoting crypto services to UK consumers.

What are the core allegations in the case？htx

crypto exchange

The FCA says HTX, advised by Justin Sun and previously known as Huobi, promoted crypto asset services to UK consumers without the necessary authorisation, in breach of the financial promotions regime.

Reuters reports the filing names Huobi Global and four groups described as “persons unknown” to cover operators and heads of promotions. Reuters report

Who are the parties and what has the regulator said？fca regulatory action htx

The FCA said the case is part of its work to protect consumers and uphold market integrity, and that offshore platforms are not exempt from UK marketing rules.

The regulator added the action was filed in Londons High Court and pointed to earlier 2023 rules establishing the cryptoasset marketing framework.

“This action is part of our commitment to protect consumers and uphold the integrity of UK financial markets,” an FCA spokesperson said in the regulators press release. FCA press release For context, the crypto regulatory framework in the UK has tightened markedly since 2023.

What are the likely implications for unauthorised platforms？unauthorised crypto services uk / financial promotions regime uk

The case highlights enforcement of the cryptoasset marketing rules FCA introduced in 2023 and increases pressure on platforms listed among FCA warning list companies.

The FCA can seek injunctions or orders to stop UK-targeted promotions and may pursue further civil remedies if breaches are proved.

If the court grants orders, firms could be forced to cease UK promotions and face reputational and legal consequences; the filing explicitly names four anonymous groups to target responsible promoters.

For recent trends in enforcement action, see an analysis of exchange compliance and sanctions. Enforcement trends

In brief, the lawsuit signals that promoting crypto services to UK consumers without approval can trigger civil proceedings and closer oversight.