The UK’s Financial Conduct Authority (FCA) has officially initiated enforcement action against the cryptocurrency exchange HTX, formerly known as Huobi, regarding allegations of illegal financial promotions. According to regulatory filings, the platform is accused of targeting UK consumers with investment advertisements without obtaining the necessary authorization or ensuring compliance with the nation’s strict marketing protocols for digital assets. Under the FCA’s financial promotion regime introduced in October 2023, crypto firms must be registered with the regulator or have their marketing materials approved by an authorized person. HTX had previously been added to the FCA’s public warning list of firms that may be promoting financial services or products without permission. This latest move signals a significant escalation in the UK’s efforts to crack down on non-compliant offshore exchanges and protect retail investors from high-risk, unregulated financial products.
Source: UK Regulator Launches Enforcement Action Against HTX Over Illegal Financial Promotions
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