Published by Global Banking & Finance Review®
Posted on October 22, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleThe UK's FCA has sued crypto exchange HTX for unlawful promotions, emphasizing regulatory enforcement in the crypto sector.
By Kirstin Ridley and Elizabeth Howcroft
LONDON (Reuters) -Britain's markets regulator has filed a lawsuit against HTX, a global crypto exchange advised by Chinese entrepreneur Justin Sun, accusing it of unlawfully promoting crypto asset services to UK consumers.
The Financial Conduct Authority said on Wednesday it had launched civil proceedings in London's High Court against HTX, formerly known as Huobi, for breaching Britain's financial promotions regime. HTX is not authorised to operate in Britain, the FCA's website shows.
"This action is part of our commitment to protect consumers and uphold the integrity of UK financial markets," an FCA spokesperson said, declining to comment further.
Representatives for HTX did not immediately respond to a request for comment.
HTX ADVISED BY CHINESE ENTREPRENEUR JUSTIN SUN
HTX was founded in 2013 and names Sun as a global adviser. Sun is a prominent backer of the Trump family's crypto venture World Liberty Financial, having spent at least $75 million on the project's crypto tokens.
A wallet labelled "SUN", identified by blockchain analysts as belonging to HTX, was also the top holder of U.S. President Donald Trump's "$TRUMP" memecoin.
The FCA, which says it wants to develop a competitive and sustainable cryptoasset regime, introduced new rules in 2023 for firms promoting crypto assets. They need authorisations and have to register with the FCA under money laundering regulations.
However, HTX is currently on the FCA's warning list, which names companies that consumers should avoid dealing with.
The FCA's case has been filed against Huobi Global and four groups listed as "persons unknown" to cover individuals such as the owners, operators and heads of promotions at the business.
(Reporting by Kirstin Ridley and Elizabeth Howcroft. Additional reporting by Sam Tobin. Editing by Mark Potter)
Blockchain is a distributed ledger technology that records transactions across many computers in a way that ensures the security and transparency of the data.
The Financial Conduct Authority (FCA) is a regulatory body in the UK responsible for overseeing financial markets and protecting consumers by ensuring fair practices.
Financial promotions are communications that invite or induce someone to engage in investment activities, which must comply with regulatory standards to protect consumers.
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