The Financial Conduct Authority said on Wednesday it has launched civil proceedings in London’s High Court against HTX, formerly known as Huobi, for breaching the UK’s financial promotions regime. HTX is not authorized to operate in Great Britain, according to the FCA website.
“This action is part of our commitment to protect consumers and maintain the integrity of the UK financial markets,” said an FCA spokesperson, who declined to comment further.HTX representatives did not immediately respond to a request for comment.HTX ADVISED BY CHINESE ENTREPRENEUR JUSTIN SUN
HTX was founded in 2013 and appoints Sun as a global advisor. Sun is a prominent backer of the Trump family’s crypto venture World Liberty Financial, having spent at least $75 million on the project’s crypto tokens. A wallet labeled ‘SUN’, identified by blockchain analysts as belonging to HTX, was also the top holder of US President Donald Trump’s ‘$TRUMP’ meme coin. The FCA, which says it wants to develop a competitive and sustainable crypto asset regime, has introduced new rules. in 2023 for companies promoting crypto assets. They require authorizations and must register with the FCA under money laundering rules.
However, HTX is currently on the FCA’s warning list, which names companies that consumers should avoid dealing with.
The FCA’s case has been brought against Huobi Global and four groups listed as “unknown persons”, to cover individuals such as the owners, operators and heads of promotions at the company.
#British #regulator #sues #crypto #exchange #HTX #unlawful #promotions