UK Government Issues Sanction on Crypto Exchange HTX (Previously Huobi) for Providing Financial Services to Entities Related to Russia Government via A7 Limited & Garantex Europe, HTX Founded in 2013, China-Born & Saint Kitts and Nevis Citizen Billionaire Crypto Investor Justin Sun (Age 35) was Named as Advisor to HTX & is HTX Largest Shareholder
28th May 2026 | Hong Kong
UK government has issued a sanction on crypto exchange HTX (Previously Huobi) for providing financial services to entities related to Russia government via A7 Limited & Garantex Europe. HTX was founded in 2013. China-born & Saint Kitts and Nevis citizen billionaire crypto investor Justin Sun (Age 35) was named as advisor to HTX, and is HTX largest shareholder. In 2026 February, the UK Financial Conduct Authority (FCA) started legal proceedings against crypto exchange HTX (Previously Huobi) for illegally promoting crytoasset services to UK consumers. Basis of HTX Sanction (26/5/26) – The Secretary of State considers that there are reasonable grounds to suspect that HUOBI GLOBAL SA is or has been involved in obtaining a benefit from or supporting the Government of Russia by providing financial services, or making available funds, economic resources, goods or technology, to a person, namely A7 LIMITED LIABILITY COMPANY, which is carrying on business in a sector of strategic significance to the Government of Russia. The Secretary of State considers that there are reasonable grounds to suspect that HUOBI GLOBAL SA has been involved in obtaining a benefit from or supporting the Government of Russia by providing financial services, or making available funds, economic resources, goods or technology, to a person, namely GARANTEX Europe OU, which is carrying on business in a sector of strategic significance to the Government of Russia.
“ UK Government Issues Sanction on Crypto Exchange HTX (Previously Huobi) for Providing Financial Services to Entities Related to Russia Government via A7 Limited & Garantex Europe, HTX Founded in 2013, China-Born & Saint Kitts and Nevis Citizen Billionaire Crypto Investor Justin Sun (Age 35) was Named as Advisor to HTX & is HTX Largest Shareholder “
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UK Financial Conduct Authority (FCA) Starts Legal Proceedings Against Crypto Exchange HTX (Previously Huobi) for Illegally Promoting Crytoasset Services to UK Consumers
11th February 2026 – The UK Financial Conduct Authority (FCA) has started legal proceedings against crypto exchange HTX (Previously Huobi) for illegally promoting crytoasset services to UK consumers. Announcement (10/2/26): “The FCA has begun legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers. Firms providing crypto products to UK consumers need to comply with rules which 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 the majority have reacted positively in complying with the new regime. The FCA previously warned about HTX’s illegal promotion of crypto services to UK consumers. However, it has continued to publish financial promotions in breach of these rules on its website and on social media platforms, including TikTok, X, Facebook, Instagram and YouTube. HTX operates an opaque organisational structure, hiding the identities of its owners and the operators of its website. Repeated attempts by the FCA to engage with HTX have been ignored. Since issue of the proceedings, HTX has taken steps to restrict new UK customers from registering an account. However, existing UK users can still log in and access unlawful financial promotions, and HTX has given no assurance that the changes will be permanent. The FCA therefore remains concerned that the risk of ongoing breaches continues. To protect consumers, the FCA requested social media companies block HTX’s social media accounts to UK-based consumers and requested the removal of HTX applications from the Google Play and Apple stores in the UK. HTX is currently on the FCA’s Warning List. Consumers dealing with this firm will not have access to the Financial Ombudsman Service if they have a complaint. Consumers are unlikely to get their money back if it goes out of business and should avoid dealing with this, or similar unauthorised firms. Individuals can check the FCA’s Warning List to see if a firm is operating illegally and visit the FCA’s cryptoasset promotions page for more information on how to protect themselves.
Notes
- The FCA enables a fair and thriving financial services market for the good of consumers and the economy.
- Our strategy 2025-2030 prioritises fighting financial crime. Over the last 2 years, the FCA has charged more people with criminal offences and is concluding enforcement investigations faster.
- Following legislation passed by Parliament, cryptoassets were brought within scope of the FCA’s financial promotions regime.
- From October 2023, all cryptoasset firms marketing to UK consumers, including firms based overseas, must comply with the regime.
- The FCA has been clear that those who fail to play by the rules risk being placed on the FCA warning list, being subject to website take down requests or facing criminal or civil enforcement action.
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