Crypto exchange HTX (formerly Huobi) has agreed to stop unlawfully promoting its services to UK consumers under a settlement with the Financial Conduct Authority (FCA), announced Thursday. The exchange no longer accepts deposits from UK customers or allows new UK users to sign up. Huobi Global S.A., the company behind HTX, promised the High Court it would not knowingly run illegal promotions until Oct. 21, 2031, without admitting liability or wrongdoing. It is the FCA's first enforcement action against a crypto firm over illegal marketing, and it follows separate UK and EU sanctions on HTX.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Cointelegraph ↗
Keywords
Open a keyword to see other news on the same topic.
Related news
- Justin Sun's HTX Agrees to Leave UK in Settlement With Financial Watchdog
The FCA has settled its High Court case against HTX, with the exchange undertaking not to target or solicit UK consumers, and Huobi Global S.A. agreeing not to communicate financial promotions in breach of UK law across HTX's website, apps and social media. HTX has stopped UK deposits and new sign-ups, and existing UK users have 48 hours to withdraw assets before their accounts are closed. The settlement terms are confidential and do not amount to an admission of liability or wrongdoing. The case, begun in October 2025, was the FCA's first against a crypto firm under UK financial promotion rules. Separately, the UK sanctioned Huobi Global S.A. in May over alleged support for Russia's financial sector, and the EU later named it in its 21st Russia sanctions package.
- UK banks face 10,000 complaints in 3 months over crypto restrictions
Advocacy group Stand With Crypto recorded 10,092 complaints from 9,800 individuals about UK bank restrictions on crypto transactions over a 90-day period. Lloyds Banking Group drew the most complaints with 2,297 (23%), followed by Barclays with 1,569 and NatWest with 1,278. The data is voluntary, not adjusted for market share, and not representative of all customers. Stand With Crypto argues blanket bans, rigid limits and unclear policies could impede access to regulated exchanges and undermine the UK’s goal of becoming a global crypto hub. Katie Harries of Coinbase cited research by the UK Cryptoasset Business Council showing 40% of attempted transfers to FCA-registered exchanges were blocked or delayed over the preceding 12 months, and banks with published limits accounted for 61% of complaints.
- The UK needs a workable route to regulated DeFi access
Katie Harries, Coinbase's head of policy for Europe, argues that the FCA's proposed crypto rules could amount to a de facto ban on regulated firms providing access to DeFi. The FCA expects regulated platforms to execute customer orders only on FCA-authorized venues, but DeFi protocols have no authorized person behind them. The rules apply from October 2027, and the FCA is not writing DeFi-specific rules, applying the same standards as fully centralized trading. The author argues a ban would push activity beyond regulators' visibility, and that clear consumer information, firm responsibilities and customer consent before leaving a regulated platform would address the risks better. The article points to the EU, where ESMA has proposed allowing regulated firms to provide DeFi access, and the US, where the SEC granted an Innovation Exemption for peer-to-peer trading of tokenized stocks.
- UK financial watchdog opens consultations for DeFi guidance, crypto laws
The UK Financial Conduct Authority (FCA) has opened two consultations: one on how decentralized finance (DeFi) companies can comply with its money laundering and financial crime rules, and one on exclusions from cryptoasset regulation following recent legislation. The FCA says its proposed DeFi guidance seeks to clarify existing rules rather than establish new policy. The UK Cryptoasset Business Council said the UK must strike a balance so that responsible innovation can take root domestically instead of migrating elsewhere. The new regime, including stablecoin holding arrangements and reserve assets, is expected to be enforced from October 2027, with applications open since September 30 and a February 28, 2027 compliance deadline.
- UK Banks Hit With 10,000 Complaints Over Blocked Crypto Transfers in 90 Days: Report
Stand With Crypto reported that UK bank customers filed 10,092 complaints over blocked or restricted transfers to crypto exchanges within 90 days, sent by 9,803 people between May and August 2026. Lloyds Banking Group received the most with 2,297 complaints, followed by Barclays with 1,569 and NatWest Group with 1,278, while HSBC UK drew more than 1,000 without an exact figure. The report argues customers cannot reliably predict from published policies whether their transfers will go through, and urges the FCA and HM Treasury to state that sector-wide blocks are not proportionate before the UK's crypto regime takes effect next year. Banks that apply limits received 6,198 complaints, while those with outright bans received 989.
- Lloyds and Barclays among UK banks named in crypto transfer complaints, advocacy group says
Crypto advocacy group Stand With Crypto says 9,803 people filed 10,092 complaints with UK banks over limits on transfers to crypto platforms during a 90-day period from May to August 2026. Lloyds Banking Group received the most, at 2,297, followed by Barclays with 1,569 and NatWest Group with 1,278. Barclays and HSBC UK cap such transfers at 2,500 British pounds per transaction and 10,000 British pounds over 30 days, while six banks, including Starling Bank, TSB and Chase UK, ban them entirely. Lloyds and Revolut have no published restrictions, though Revolut’s support page says transfers to “some cryptocurrency exchanges” are unsupported, which Stand With Crypto attributes to a technical issue rather than policy. Zumo CEO Nick Jones warns the restrictions could undermine the UK’s crypto hub ambitions and notes that the 2027 regime does not cover access to business bank accounts.
Related markets
Latest news
- Microsoft beat estimates while Google looks at a value hit, and rising risks at Nvidia
The 8:30 show covers the day's top stories, including earnings from Microsoft (MSFT) and Alphabet (GOOGL)(GOOG), mounting risks at Nvidia (NVDA), and the new touchscreen laptop Apple (AAPL) just debuted.
- European Central Bank keeps key interest rate on hold at 2.5%
The European Central Bank held its deposit facility rate at 2.5% on Thursday, as expected, after a 25 basis point hike in September, even though euro zone headline inflation rose to 3.8% last month, the highest since September 2023. The Governing Council said rising energy prices pose upside risks to inflation and downside risks to growth, while underlying inflation and wages are broadly stable and financing conditions have tightened. Energy price inflation reached 18.8% amid Middle East turbulence. Deutsche Bank's Mark Wall said the policy path is harder to predict and expected one more hike to 2.75% in December, probably the end of the hiking cycle, while Christine Lagarde is still president. He added that the institution is bigger than any one person, but uncertainty remains about decisions next year after Lagarde's announced departure.
- Tech stocks hit hard after Samsung, Fortinet, and ServiceNow miss earnings
Samsung expects capital expenditure to rise 60% to $63 billion this year as it competes with SK Hynix and Micron, but its chip division operating income came in 2% below estimates and it is holding off on future shareholder payout plans until January. Fortinet's weak results hit cybersecurity stocks, and ServiceNow showed slowing bookings growth. A Bloomberg report said Marvell is in talks to buy Lumentum in a big deal, and Marvell shares fell sharply. The hosts said concerns over AI spending, financing costs, and Alphabet's business model are real, not just sentiment.
- Private, fast USDT is coming to Bitcoin. Can it compete with Ethereum and Tron?
Utexo, a Dubai-based blockchain startup, plans to bring Tether's USDT back to Bitcoin after a three-year hiatus through the RGB protocol, which keeps transaction data off-chain. The public launch is scheduled for Nov. 28, with Lightning Network support planned for Q1 2027. USDT first ran on Bitcoin in 2014 through the Omni protocol, but Tether halted issuance in August 2023 citing declining usage, and later led Utexo's $7.5 million seed round in March. With $300 billion of stablecoin supply already on networks such as Ethereum and Tron, co-founder Viktor Ihnatiuk says the Bitcoin version's advantages are speed and privacy. Utexo Mint locks USDT0 on Arbitrum before minting an equivalent amount of USDT on Bitcoin, so its security also depends on the mechanisms connecting the two networks.
- Brazil’s Halloween eve crypto deadline brings more tricks than treats
Brazil's crypto exchanges face a Friday deadline to apply for authorization under the framework introduced in November 2025 under the central bank BCB. Exchanges that apply on time can keep operating while their applications are reviewed, a process that can take up to two years, while companies that miss the deadline must stop providing services within 30 days. Lawyers say minimum capital requirements of 10.8 million reais ($2 million) to 37.2 million reais, plus audits and anti-money laundering controls, could make compliance unviable for smaller exchanges. Questions remain over how to identify self-custody wallets, the $100,000 limit on certain international transfers and reporting thresholds, and the BCB had not responded at publication.
- DoorDash inks $17 billion deal to acquire Instacart
DoorDash (DASH) is acquiring Instacart, which does business as Maplebear (CART), in a cash-and-stock deal worth $17 billion. DoorDash will pay $65 a share, a 26% premium to Instacart's closing price on October 22, when reports of the deal emerged. The deal would better position DoorDash to compete with Amazon's Whole Foods and Walmart by adding a major grocery delivery partner. DoorDash reported earnings and adjusted EBITDA that beat estimates, with marketplace gross order value up 36%, and its fourth-quarter forecast was described as in pretty good shape.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.