Justin Sun-linked exchange HTX agrees to leave the UK in a deal with the FCA

HTX, the crypto exchange linked to Justin Sun, has agreed to stop targeting customers in the United Kingdom as part of a settlement with the country’s financial regulator.

What happened

The Financial Conduct Authority (FCA) said HTX will no longer target UK consumers. The settlement ends the FCA’s first case against a crypto firm over its marketing.

Background

Since late 2023, UK rules have required any company promoting crypto to British consumers to follow strict marketing standards. Promotions must be fair, clear and not misleading, carry risk warnings, and be approved by an authorised firm. New customers must also go through a cooling-off period and an assessment of whether they understand the risks.

Many overseas exchanges responded by limiting what they offer in the UK. The FCA has warned repeatedly about firms that kept marketing to British users without meeting the rules, and has published lists of unauthorised platforms.

HTX, formerly known as Huobi, is one of the longer-running large exchanges. Justin Sun, the founder of the Tron blockchain, is closely associated with it.

Why it matters

As the first case of its kind, the settlement shows how the FCA intends to enforce its crypto marketing rules: not only with warnings, but by pushing non-compliant firms out of the market.

Other offshore exchanges that still reach UK users through social media, influencers or advertising are likely to take note. For British consumers, the message is that platforms not following UK rules may disappear, and that they have little protection if they use them anyway.