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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.

TOKEN2049 Singapore: Ziplines, DJs and Trump Set the Tone for a Booming Crypto Scene

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The TOKEN2049 Singapore conference this week felt more like a festival than a finance event — complete with ziplines, DJs, yacht parties, and high-profile appearances from Donald Trump Jr. and other crypto leaders who hailed the growing influence of U.S. President Donald Trump on the digital assets industry.

At the two-day gathering that ended Thursday, over 25,000 participants packed the Marina Bay Sands convention centre, picking up branded merchandise, joining side events and listening to speakers such as Trump Jr. and TRON founder Justin Sun. The mood was upbeat, reflecting renewed optimism across the crypto world and Asia’s expanding digital asset market.

According to Chainalysis, total crypto transaction volume in Asia reached $2.36 trillion by June 2025 — a massive leap from $1.4 trillion a year earlier. TOKEN2049’s turnout highlighted Singapore’s ambitions to cement itself as a global crypto hub, even as the city-state’s regulators tighten oversight after a series of exchange collapses.

A CARNIVAL OF CRYPTO CULTURE

The event blurred the line between business and entertainment. Attendees zipped across a line for free backpacks, got airbrushed tattoos, tested cryotherapy chambers, and played pickleball, while DJs blasted music from every floor.
“When I came in this morning and I heard the music, I had chills,” said Hubert Tang, a 60-year-old operations executive from Singapore. “How can this not be the new era?”

More than 120 side events — from exclusive dinners to a fight night featuring crypto executives in a boxing ring — took over the city. On Thursday, nine yacht parties and local club Zouk were booked out for TOKEN2049 guests, accepting payments in Bitcoin, Ethereum, USDC, Tether, and Binance Pay.

TRUMP FAMILY TAKES THE STAGE

At the heart of the conference was the Trump family’s growing alignment with the crypto industry.
“President Trump has single-handedly saved the crypto industry from people who wanted to ruin it,” said Zach Witkoff, CEO of Tether’s U.S.-based stablecoin venture and son of Trump’s Middle East envoy Steve Witkoff, sitting next to Donald Trump Jr. on stage.
Their comments — praising the president’s stablecoin regulatory law and pro-crypto stance — drew loud cheers from attendees.

Trump Jr. argued that stablecoins will soon underpin global finance:

“I think stablecoins are going to be the thing that backfills all of these countries that used to buy U.S. Treasuries,” he said. “That’s going to maintain the dollar’s hegemony and keep the world safe and strong.”

PREDICTIONS AND INDUSTRY MOMENTUM

The conference also featured policy discussions and market forecasts, with former White House crypto adviser Bo Hines saying the stablecoin market could exceed $1 trillion within a few years — a figure he called “very conservative.”

The event underscored how Trump’s shift from crypto sceptic to industry advocate has reshaped U.S. policy and investor sentiment. His administration’s pro-innovation regulatory framework has sparked a flood of venture capital into blockchain and DeFi firms.

THE NEW CRYPTO ERA

Attendees like Ophelia Wong, a 62-year-old from Hong Kong who attended TOKEN2049 for the third time, summed up the prevailing sentiment in one word:

“Booming,” she said. “It’s an irreversible journey.”

As the music faded and the yachts returned to the docks, TOKEN2049 left one clear message: crypto’s next chapter is being written — with Asia, and Trump’s America, at the center of it.

Trump Crypto Ally Justin Sun Says His World Liberty Tokens Were Frozen

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Justin Sun, the China-born crypto entrepreneur and major backer of Donald Trump’s World Liberty Financial ($WLFI), said Friday that his tokens tied to the project were “unreasonably frozen.” Sun has invested at least $75 million in WLFI, making him the second-largest known investor after the Trump family, whose stake has already generated hundreds of millions in profits.

Sun did not disclose how many tokens were blocked or who initiated the freeze. Blockchain data from analytics firm Nansen shows that a World Liberty “guardian address” blacklisted a wallet controlled by Sun on Thursday, locking around 545 million WLFI tokens. He had earlier moved 50 million tokens out of that wallet.

World Liberty responded vaguely, saying it does not “seek to blacklist anyone” but will act against “malicious or high-risk activity.” Sun’s firm Tron confirmed that he and the WLFI team were in “active communication.” Despite the dispute, Sun said he planned to buy another $20 million worth of WLFI-related assets, including $10 million in new tokens.

The controversy highlights the tangled business ties between Trump’s political family and crypto ventures. Sun has regularly appeared alongside Eric Trump at crypto conferences, while promoting World Liberty’s projects through his platforms. The Trump family’s involvement in WLFI—at a time when the president is publicly backing crypto—has fueled concerns about conflicts of interest, particularly as some business partners, including Sun, face regulatory scrutiny.

The U.S. SEC still has a civil fraud case pending against Sun, though reports suggest the Trump administration is exploring a settlement. Meanwhile, WLFI’s token value has dropped sharply, sliding from above 30 cents at launch to around 18 cents on Friday.