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UK Regulator Sues Crypto Exchange HTX for Unlawful Promotions

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The UK’s Financial Conduct Authority (FCA) has filed a lawsuit against global cryptocurrency exchange HTX — formerly known as Huobi — accusing the company of illegally promoting crypto asset services to British consumers without authorization.

The regulator confirmed on Wednesday that it had launched civil proceedings in London’s High Court, arguing that HTX breached Britain’s strict financial promotions regime, which requires any firm marketing crypto services in the country to be registered and authorised. HTX, the FCA’s database shows, is not authorised to operate in the UK.

“This action is part of our commitment to protect consumers and uphold the integrity of UK financial markets,” an FCA spokesperson said, adding that unlicensed promotions could mislead investors about the risks of digital assets.

HTX, founded in 2013, lists Chinese entrepreneur Justin Sun as a global adviser. Sun, a controversial figure in the crypto world, has drawn attention for his links to World Liberty Financial, the Trump family’s crypto venture, and for his financial support of its $TRUMP memecoin, where a blockchain wallet labeled “SUN” was identified as the largest holder.

The FCA introduced new regulations in 2023 to bring crypto advertising under tighter control, forcing exchanges to include risk warnings and secure approval from authorized firms. These rules form part of Britain’s push to develop a “competitive yet responsible” crypto regime.

HTX currently appears on the FCA’s warning list, which identifies companies that investors are urged to avoid. The lawsuit, filed against Huobi Global and four “persons unknown” — including the exchange’s owners, operators, and promotion heads — signals the regulator’s intent to hold overseas firms accountable when their activities target UK consumers.

The case underscores Britain’s broader crackdown on unregulated crypto activity, as authorities attempt to balance innovation with consumer protection amid a volatile global digital asset market.

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G20 watchdog warns of “significant gaps” in global crypto regulation amid market surge

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The Financial Stability Board (FSB), the G20’s top financial risk regulator, has warned that major gaps persist in global cryptocurrency regulation, raising concerns that unchecked growth in digital asset markets could pose risks to financial stability.

In its review published Thursday, the FSB said that while progress has been made since its 2023 recommendations, regulatory frameworks remain “fragmented, inconsistent, and insufficient” to address the cross-border nature of crypto markets. The watchdog found that financial stability risks from crypto are limited for now, but are rising sharply as the global crypto market has doubled to $4 trillion over the past year, driven by surging bitcoin prices and a wave of new investors.

“These crypto assets can move across borders very easily, much more easily than other financial assets,” said John Schindler, the FSB’s secretary general, calling for stronger global cooperation.

One of the key weaknesses identified was the lack of clear and comprehensive rules for stablecoins, digital tokens typically pegged to the U.S. dollar. The market for stablecoins has grown by nearly 75% over the past year, reaching $290 billion, yet few countries have introduced complete regulatory frameworks.

The report examined 29 jurisdictions — including the U.S., EU, Hong Kong, and the UK — but noted uneven implementation and limited coordination, especially with countries such as El Salvador, which did not participate despite being home to Tether, the world’s largest stablecoin.

The FSB urged governments to accelerate rule-making and improve cross-border cooperation, warning that non-aligned jurisdictions could create regulatory blind spots. “Even if countries have their own rules, crypto companies operating offshore can still affect their markets,” Schindler said.

The warning follows recent market turbulence, including the largest crypto crash in history last week that triggered nearly $20 billion in liquidations, reviving fears of contagion risks.