UK’s FCA sues Justin Sun–linked HTX over illegal crypto promotions

The UK Financial Conduct Authority has filed a lawsuit against $HTX (formerly Huobi) for illegally promoting crypto products to UK consumers, marking its first enforcement action under the country’s crypto promotions regime introduced in October 2023.

$HTX, publicly linked to crypto entrepreneur Justin Sun, allegedly continued advertising across social platforms including TikTok, X, YouTube, and Facebook despite prior FCA warnings. The regulator cited the firm’s lack of engagement and opaque ownership structure as further concerns.

Although $HTX recently restricted new UK sign-ups, the FCA said existing users still have access to unlawful promotions and the exchange has not guaranteed the changes will remain. The agency has asked Apple, Google, and social media platforms to block $HTX apps and accounts in the UK.

The FCA reiterated that $HTX remains on its public warning list, warning that consumers using the platform are not protected by the UK Financial Ombudsman Service and may not recover funds if the firm collapses.