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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.

Trump-Backed World Liberty Financial to Launch Crypto Debit Card by Early 2026

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World Liberty Financial, the cryptocurrency venture backed by the family of U.S. President Donald Trump, plans to launch a crypto-linked debit card that will allow users to spend digital assets in everyday transactions as early as late 2025, according to CEO Zach Witkoff.

Speaking at the TOKEN2049 crypto conference in Singapore on Wednesday, Witkoff said the card aims to “bridge crypto assets with everyday spending,” and a pilot program is scheduled for launch next quarter. “We’ll be rolling out a debit card that will either go live in Q4 or Q1 2026,” he added.

Witkoff was joined on stage by Donald Trump Jr., co-founder of World Liberty, where both reiterated their optimistic view on cryptocurrency adoption and highlighted what they described as progress made under the Trump administration. Their comments drew cheers from attendees, reflecting the strong enthusiasm among crypto investors for the Trump family’s growing involvement in the sector.

A CRYPTO-POWERED FINANCIAL PLATFORM

Founded in 2024, World Liberty Financial (WLF) seeks to provide decentralized finance (DeFi) services, allowing users to access financial tools and payments directly through cryptocurrencies without traditional banking intermediaries.

In September 2024, the company launched its governance token $WLFI, granting holders voting rights on business proposals. According to data from CoinGecko, the token last traded 0.5% higher at $0.2011.

Witkoff confirmed that World Liberty is working on tokenizing real-world assets, including real estate, oil, and gas, as part of its long-term strategy. “We also want USD1 to be the base pair for these assets because we view it as the most trustworthy and transparent stablecoin on Earth,” Witkoff said, referring to the firm’s U.S. dollar–pegged stablecoin.

TRUMP FAMILY’S ROLE AND PROFITS

While critics have accused the Trump family of profiting from crypto ventures amid the administration’s relaxed regulatory stance, Donald Trump Jr. insisted that World Liberty Financial is “100% not a political organization.”

Reuters estimates that since its founding, the Trump family has earned around $500 million from the project — a figure based on publicly disclosed deals, crypto transaction data, and the company’s terms and conditions.

During the conference, Trump Jr. said, “My father was the first guy to run as sort of a pro-crypto president,” while Witkoff recalled early skepticism from the industry. “They called us a joke, a memecoin — they said we’d never amount to anything,” he said, before adding that World Liberty is now partnering with Aptos, a leading blockchain platform, to bring its USD1 stablecoin to the network.

The company’s planned debit card marks the next step in World Liberty’s expansion, reflecting its ambition to make digital currency spending mainstream while strengthening its ties to the global crypto ecosystem.

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.