FCA Takes Action Against HTX To Stop Illegal Financial Promotions

The FCA has started legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers.

Since October 2023, all cryptoasset firms marketing to UK consumers, including firms based overseas, have been required to comply with the FCA's financial promotions regime. The rules aim to protect consumers from unfair and misleading marketing. Advertising cryptoassets on social media or websites without complying with these rules is a criminal offence.

Since the rules came into force in October 2023, the FCA has engaged extensively with firms, and it says that the majority have reacted positively in complying with the new regime.