UK High Court stays FCA lawsuit against HTX following settlement and five-year promotion ban
The UK High Court has stayed the Financial Conduct Authority's enforcement lawsuit against crypto exchange HTX following a confidential settlement that bars the platform from promoting crypto services to British consumers through October 2031.
The UK High Court stayed the Financial Conduct Authority's lawsuit against cryptocurrency exchange HTX, formerly known as Huobi, following a confidential settlement agreement, according to a court order reported by Unchained. Under the agreement, defendant Huobi Global S.A. gave undertakings to the High Court pledging not to knowingly promote crypto services to UK consumers in breach of domestic law until Oct. 21, 2031.[1][2][3]
The consent order was issued on Oct. 27 before Deputy Master Holden, referencing a settlement dated Oct. 16. It contains no formal ruling on the FCA's claims, assigns no costs, and involves no admission of liability or wrongdoing by Huobi Global. The regulator initially launched proceedings on Oct. 21, 2025, over alleged breaches of financial promotion rules, making the action public in February 2026 as its first enforcement case targeting illegal crypto marketing to UK consumers.[1][3]
The settlement coincides with HTX's formal exit from the United Kingdom. On Oct. 16, HTX posted a website notice stating it no longer serves UK residents, cutting off new account creation, deposits, and trading. British users with stranded assets can request a one-time 48-hour withdrawal window from customer support, subject to regulatory approvals, sanctions verification, and anti-money laundering checks.[1][2][3]
Key facts
- A UK High Court order issued Oct. 27 stayed the FCA's legal proceedings against HTX under a confidential settlement signed Oct. 16.
- Huobi Global S.A. gave undertakings to the High Court not to knowingly promote crypto services to UK consumers in breach of UK law until Oct. 21, 2031.
- The consent order made before Deputy Master Holden makes no ruling on allegations, awards no costs, and involves no admission of wrongdoing.
- The FCA initially initiated proceedings on Oct. 21, 2025, and made the enforcement action public on Feb. 10, 2026.
- HTX restricted UK customer accounts and ceased UK operations, allowing eligible users with remaining assets to request a one-time 48-hour withdrawal window subject to compliance checks.
Sources · 3 sources
- UN
UnchainedArticle ·
HTX Gives the High Court a Five-Year Pledge on UK Crypto Promotions as FCA Case Settles Crypto exchange HTX , formerly Huobi, has given undertakings to the High Court that it will not knowingly promote crypto services to UK consumers in breach of UK law, the Financial Conduct Authority said Thursday . The pledges, made by Huobi Global S.A. , the first defendant in the FCA’s claim, as part of a settlement with the regulator, apply until Oct. 21, 2031 . The settlement agreement is dated Oct. 16 , the day HTX posted a notice saying UK accounts remain restricted, 11 days before the Oct. 27 court order that stayed the case. By Unchained’s count, the undertakings run roughly five years from the settlement and end exactly six years after the FCA filed its claim. The order, made by consent before Deputy Master Holden, stays the lawsuit on the settlement’s terms and makes no award of costs. It contains no ruling on the FCA’s allegations. The settlement terms are confidential. The FCA said the settlement does not mean Huobi Global, or anyone else, admits liability or wrongdoing. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . From Lawsuit to Settlement The FCA began proceedings on Oct. 21, 2025, alleging HTX broke the UK’s financial promotion rules, and made the case public on Feb. 10, 2026. Steve Smart , then the FCA’s joint executive director of enforcement and market oversight, said at the time it was “the first time we’ve taken enforcement action against a crypto firm illegally marketing their products to UK consumers.” HTX’s UK Exit Came First According to the FCA, HTX no longer operates in the UK. UK customers cannot deposit, new UK users cannot open accounts, and the exchange will not target or solicit British consumers. HTX’s Oct. 16 notice says it does not serve UK residents and that existing UK accounts, restricted under its “UK exit arrangements,” cannot deposit, trade or transact. It also lets eligible individual users who still hold assets ask customer support for a one-time 48-hour withdrawal window , subject to approval, a personal remittances general licence and HTX’s own identity, sanctions, anti-money laundering and fraud checks. “Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law,” Smart said in Thursday’s release . He added that the FCA’s action means “HTX is leaving the UK and can no longer target UK consumers.” Sanctions and Wider Scrutiny The UK designated Huobi Global S.A. on May 26 under its Russia sanctions regulations, and the EU later named HTX in its 21st Russia package, barring transactions with the exchange from Aug. 23, as Unchained reported . On Oct. 20, Kazakhstan’s AIFC regulator said it would send court injunctions against six platforms, including Coinbase and HTX, to Apple and Google to restrict access to the platforms’ services. The FCA says crypto in the UK remains largely unregulated outside anti-money laundering and financial promotion rules until October 2027. Related Listen: Why the Supreme Court Just Gutted a 90 Year Old Rule: DEX in the City The post HTX Gives the High Court a Five-Year Pledge on UK Crypto Promotions as FCA Case Settles appeared first on Unchained .
Open source - CR
CryptoSlateArticle ·
HTX exits UK, leaving customers to request a 48-hour withdrawal window The FCA settlement follows a year of promotions litigation, with Huobi Global’s court undertakings running until October 2031. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Open source - LS
Laura Shin@laurashinPost on X ·
The confidential settlement behind a UK court's Oct. 27 stay of the FCA's lawsuit against HTX is dated Oct. 16, the same day HTX posted a notice saying UK accounts remain restricted, per the court order and HTX's website. https://t.co/XeDroT68aI
Open source