UK regulatory authority demands blocking HTX official community accounts and removing exchange applications

The UK financial regulatory authority has strengthened its strict oversight of the cryptocurrency industry, taking the first step against the exchange HTX for alleged illegal promotion of crypto asset services. The regulator has demanded social media platforms block HTX’s official accounts, and for Google and Apple app stores to remove the application, preventing UK users from continuing to access HTX-related services.

FCA Demands Social Media Block HTX Official Accounts and Remove Apps

The UK Financial Conduct Authority (FCA) stated that it has repeatedly made clear that HTX has been promoting crypto asset-related services to UK consumers without authorization. Even after being listed on the warning list, HTX continued to publish crypto promotion messages deemed illegal by the FCA, indicating insufficient compliance with regulatory requirements. Since October last year, the FCA has taken legal action against HTX, emphasizing that any organization marketing financial products to UK residents must be authorized or follow clear compliance procedures, or face restrictions or enforcement actions.

Because HTX still operates social media accounts, the FCA has ordered social media platforms to block HTX’s official accounts and related content. The FCA specifically named social media platforms including TikTok, X, Facebook, Instagram, and YouTube for blocking.

At the same time, the FCA also requested Google and Apple to remove the HTX app from their UK stores to prevent consumers from continuing to access unapproved crypto product promotions via mobile devices. The FCA stated that these measures aim to reduce investors’ exposure to potentially high-risk financial products and ensure that marketing activities comply with existing UK financial regulations.

FCA Believes HTX Has Opaque Structure and Lacks Cooperation

In explaining the enforcement reasons, the FCA emphasized that HTX’s corporate structure is opaque, failing to clearly disclose the actual owners and website operators of the company. The regulator said it has attempted multiple times to contact the company and request cooperation, but received no response. The FCA also mentioned that although HTX has restricted new UK user registrations, existing UK users can still log into the platform and access the illegal financial promotion information, increasing regulatory risks.

According to Reuters, HTX was formerly known as Huobi, founded in 2013, and that year appointed Chinese crypto entrepreneur Sun Yuchen as an advisor. He and related individuals are not included in this lawsuit.

Steve Smart, FCA’s Joint Executive Director of Enforcement and Market Oversight, stated that this is the first time the agency has taken action to require platforms and app stores to fully block a cryptocurrency company from illegally marketing products to UK consumers. This move reflects the UK regulators’ gradual shift toward more direct and stringent intervention in the crypto asset market to better protect crypto investors. HTX has not yet responded to this matter.

This article titled “UK Regulatory Authority Demands Blocking HTX Official Social Media Accounts and Removing Exchange Apps” first appeared on Chain News ABMedia.