UK FCA and HTX reportedly in settlement talks over alleged illegal crypto promotions

The UK’s Financial Conduct Authority and crypto exchange HTX, formerly known as Huobi Global, are reportedly in settlement discussions over allegations that the exchange illegally promoted cryptoasset services to British customers without proper authorization. The talks come after the FCA took the unprecedented step of launching civil proceedings against HTX in October 2025, making it the first time the regulator has hauled a crypto firm into court specifically for violating financial promotion rules. How the case unfolded The FCA initiated proceedings against HTX on October 21, 2025, though the public didn’t learn about it until February 10, 2026. Between those dates, the court granted permission on February 4 to serve legal proceedings overseas, a step that proved necessary because of HTX’s murky ownership structure and offshore domicile. Steve Smart, a senior FCA official, confirmed at the time that this represented the regulator’s first enforcement action against a crypto firm for illegal marketing. The core allegation is straightforward: HTX marketed its crypto services to UK customers without FCA authorization. The exchange was already sitting on the FCA Warning List before t...