UK FCA Cracks Down on HTX for Unlawful Crypto Promotions

The UK Financial Conduct Authority is taking action against HTX for promoting crypto assets illegally in the UK. They're pushing for HTX apps removal and social media block, citing the firm's lack of transparency and cooperation. HTX's opaque structure is a major concern for authorities.

The UK Financial Conduct Authority (FCA) has requested major tech companies to block access to the crypto exchange HTX in the UK due to its illegal promotion of crypto asset services. Alphabet's Google, Apple, and various social media platforms have been urged to remove HTX products and accounts targeting UK consumers.

The FCA filed a lawsuit against HTX in October, criticizing its obscure organizational setup and non-cooperation. HTX, which is on a warning list for unauthorized financial promotions, did not respond to comment requests. The exchange continues allowing existing UK users access to its platforms despite regulatory warnings.

Founded in 2013, HTX, previously known as Huobi, has Chinese crypto entrepreneur Justin Sun as a global adviser, although he is not involved in the lawsuit. This marks the first FCA action against a crypto firm for illegal promotions, highlighting ongoing global concerns over the cryptosphere's stability and investor safety.

(With inputs from agencies.)