Britain’s Financial Conduct Authority and crypto exchange HTX are in settlement talks over the regulator’s case concerning unlawful promotions of crypto services to UK consumers. London’s High Court has paused proceedings until late August to allow both parties to reach a deal. The FCA filed proceedings in October against Huobi Global S.A., a company incorporated in Panama in May 2023, for breaching section 21 of the Financial Services and Markets Act which prohibits unauthorized financial promotions. This marks the first enforcement action of its kind by the UK regulator against a crypto exchange over marketing practices. The negotiations come alongside sanctions from the UK and the European Union against HTX and Justin Sun over alleged links to Russian sanctions evasion.
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