UK regulator takes enforcement action against crypto exchange HTX for illegal promotions and Russia links

HTX, formerly known as Huobi, has faced enforcement actions by the UK's Financial Conduct Authority (FCA) for allegedly providing financial services to Russia-linked firms and illegal financial promotions. The FCA has banned HTX from operating in the UK, signaling stricter regulatory oversight ahead of new crypto rules starting in October 2023. This move marks a shift towards greater compliance and regulation in the crypto industry, aiming to protect UK retail consumers and end unregulated offshore marketing practices. The upcoming Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 will further expand FCA's regulatory reach over crypto activities.