Britain’s Financial Conduct Authority (FCA) and crypto exchange HTX are in talks to settle a case over illegal crypto adverts. London’s High Court has given them until late August to agree on terms.

For UK users, a deal would fix less than it sounds. The case is about advertising. It is not about getting anyone’s money back.

What UK Users Already Lost

HTX has been on the FCA’s warning list since October 2023. After the FCA sued in October 2025, HTX stopped accepting new UK customers, while existing users could still access their accounts.

But a bigger problem came on May 26, 2026: the UK sanctioned Huobi Global S.A. Three days later, the Treasury confirmed that those sanctions also apply to the HTX exchange.

Since then, at least one UK customer has reported having their HTX account frozen and being told they need sanctions permission to regain access. There is no official figure for how many users or how much money is affected.

As of August, the sanctions remain in force. HTX says user funds are safe. Any FCA settlement over advertising would not remove those sanctions.

A Deal Would End the Ads, Not the Ambiguity

The FCA’s court filing asks for three things:

• First, a ruling that HTX broke section 21 of the Financial Services and Markets Act.

That rule stops unauthorized firms from advertising investments to UK consumers.

• Second, an order to stop further promotions.
• Third, costs.

None of that returns money. None of it guarantees access.

The filing lists what HTX promoted. Spot trading, futures, margin, staking and crypto loans all appear. One page urged users to “Borrow to scale up your trades and profits.” Another offered “Sign up, trade, and earn up to 1,200 USDT.”

The traffic data shows HTX did pull back. UK visits to the exchange reached 4.6 million in 2023, according to the filing. They fell to 13,000 in 2024, counted to the end of October.

That is a drop of more than 99%. The FCA sued anyway, because the adverts stayed reachable.

HTX closed new British sign-ups once the case began. Existing UK users kept logging in and kept seeing the promotions. The FCA said it got no promise that the change would last.

The regulator asked TikTok, X, Facebook, Instagram, and YouTube to block HTX accounts for UK viewers. It also asked Google and Apple to pull the apps.

“HTX’s conduct stands in stark contrast to the majority of firms working to comply with the FCA’s regime,” read the statement, citing Steve Smart, joint executive director of enforcement and market oversight at the FCA.

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The Sanctions Question Matters More

Britain sanctioned Huobi Global S.A. on May 26 under reference RUS3619. Officials suspect the firm supplied funds or financial services to A7 Limited Liability Company and Garantex Europe OU. The notice places both inside Russia’s strategic financial services sector.

That Panama company is also the lead defendant in the FCA case. Britain is negotiating with a firm it has already frozen out.

One detail cuts to what users need. HTX told customers the sanctioned company was separate from the exchange in its reply to the UK sanctions on Huobi. The government notice lists “HTX (formerly Huobi)” as another name for the same designated entity.

Justin Sun took a controlling stake in the exchange in 2022, Reuters reports. He was not sanctioned himself.

Rival firms moved quickly. Bybit warned that HTX-linked transfers may face compliance checks. ZachXBT said the listing distorted on-chain risk scoring for wallets with no link to the case.

Those are the risks users feel today. Frozen stablecoins and slow withdrawals do not wait for a court ruling. A promotions settlement solves neither.

Then there is the question of who signs. Four of the five defendants are named only as persons unknown. The claim stretches to future controllers until October 31, 2028.

“HTX remains dedicated to upholding high standards of compliance, transparency, and user protection and we will continue working collaboratively with the regulators to support the sustainable development of the cryptocurrency ecosystem,” Reuters reported, citing a HTX spokesperson.

Late August will show whether the FCA publishes the terms or closes the case quietly. For anyone still holding coins on HTX in Britain, that is the part to watch.

Source: BeInCrypto