UK Watchdog Cracks Down On HTX In Bid To Stop Illegal Crypto Activity

bitcoinistPublished on 2026-02-11Last updated on 2026-02-11

Abstract

The UK's Financial Conduct Authority (FCA) has intensified enforcement against crypto exchange HTX, accusing it of illegally promoting crypto services to British consumers. The regulator has requested major app stores and social media platforms to block HTX’s access in the UK, alleging repeated breaches of financial marketing rules. The FCA also claims HTX operates through an opaque corporate structure and has ignored its attempts to engage. Although HTX has restricted new UK user registrations, the FCA says these measures are insufficient and not guaranteed to be permanent. This marks the FCA’s first enforcement action against a crypto firm for illegal marketing. HTX remains on the FCA’s Warning List, meaning users lack access to consumer protections.

The United Kingdom’s Financial Conduct Authority (FCA) has escalated its enforcement action against crypto exchange HTX, accusing the platform of illegally promoting crypto services to British consumers and seeking to restrict its presence across digital platforms in the country.

HTX Faces UK App Store Ban

In a statement released on Tuesday, the FCA said it has formally asked major social media companies and app store operators to block access to HTX in the UK.

The regulator is seeking the removal of HTX’s applications from Google’s Play Store and Apple’s App Store for UK users, as well as the blocking of the exchange’s social media accounts for British audiences.

The regulator alleged that HTX has repeatedly advertised “illegal crypto services” on popular social media platforms, including TikTok, X (previously Twitter), Facebook, Instagram, and YouTube. According to the FCA, these promotions breached UK financial rules governing how crypto products can be marketed to the public.

The FCA also alleged that HTX operates through an “opaque corporate structure” that conceals the identities of its owners and those responsible for running its website. The FCA also said that its repeated attempts to engage with the company have gone unanswered.

While HTX has taken some steps since the legal proceedings began—specifically by restricting new UK users from registering for accounts—the FCA said those measures do not go far enough.

The FCA added that HTX has not provided any assurance that its restrictions on new users will be permanent, leaving concerns that breaches could continue.

FCA Signals Tougher Crypto Enforcement

Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said the regulator’s rules are intended to support a stable and competitive crypto market while ensuring consumers can make informed decisions.

He said HTX’s behavior sharply contrasts with that of most firms attempting to comply with the UK’s regulatory framework. Smart noted that this is the first time the FCA has taken enforcement action against a crypto firm for illegally marketing its products to UK consumers.

HTX is currently listed on the FCA’s Warning List, meaning consumers who engage with the platform are not eligible for protections such as access to the Financial Ombudsman Service.

Commenting on the case, Nick Barnard, a partner at law firm Corker Binning, said it highlights the difficulty of regulating the crypto industry from a single jurisdiction.

He noted that the FCA’s options are limited when a company has no physical presence in the UK. However, he added that the regulator has likely concluded it must still demonstrate a firm stance against companies that openly flout UK rules.

The daily chart shows the total crypto market cap at $2.3 trillion. Source: TOTAL on TradingView.com

Featured image from OpenArt, chart from TradingView.com

Related Questions

QWhat is the UK Financial Conduct Authority (FCA) accusing HTX of?

AThe FCA is accusing HTX of illegally promoting crypto services to British consumers and operating through an opaque corporate structure that conceals the identities of its owners.

QWhat specific actions has the FCA requested from major tech platforms regarding HTX?

AThe FCA has formally asked major social media companies and app store operators to block access to HTX in the UK, including the removal of its apps from Google Play Store and Apple's App Store for UK users.

QAccording to the FCA, on which social media platforms did HTX advertise its 'illegal crypto services'?

AThe FCA alleged that HTX advertised on popular social media platforms including TikTok, X (formerly Twitter), Facebook, Instagram, and YouTube.

QWhy does the FCA believe HTX's measures to restrict new UK user registrations are insufficient?

AThe FCA stated that HTX has not provided any assurance that these restrictions will be permanent, leaving concerns that breaches of financial rules could continue.

QWhat did Steve Smart, the FCA's joint executive director, say this enforcement represents?

ASteve Smart noted that this is the first time the FCA has taken enforcement action against a crypto firm for illegally marketing its products to UK consumers.

Related Reads

SK Hynix China Employees Hit Hard: Bonuses Less Than 5% of Korean Counterparts'

"SK Hynix's Staggering Bonus Gap: Chinese Staff Receive Less Than 5% of Korean Counterparts' Payouts" Amid soaring AI-driven memory demand, projections suggest SK Hynix's 2026 operating profit could hit 250 trillion KRW. Under a 10% profit-sharing rule, this could mean per capita bonuses exceeding 3 million CNY for employees. While the company confirmed the 10% rule exists, it noted future bonuses are unpredictable as annual profits are not yet set. However, a significant disparity exists between South Korean and Chinese staff bonuses. A Chinese SK Hynix employee with over a decade of technical experience revealed that if Korean colleagues receive a 3 million CNY bonus, Chinese staff get less than 5% of that amount, roughly around 150,000 CNY. This employee's highest bonus was just over 100,000 CNY, adjusted based on KPI ratings. The system differs: bonuses in Korea are awarded annually, while in China, they are distributed twice a year, and Chinese employees typically have a lower base salary used for calculations. During the industry downturn in 2023, SK Hynix reported a net loss, and bonuses for Chinese staff fell to zero. Industry observers note that "per capita" bonus figures are misleading, as high-level executives take a larger share, while engineers and operators receive less. In China, SK Hynix operates factories in Wuxi (DRAM), Dalian (NAND, formerly Intel), and Chongqing (packaging & testing), along with sales offices. Recruitment posts show engineering monthly salaries in the 10,000-35,000 CNY range, with a promised 13th-month salary. Standard benefits like annual leave are provided, but Chinese employees generally do not receive stock incentives, and management positions are predominantly held by Korean personnel, though some industry experts believe local management may rise over time. Looking ahead, SK Hynix expects strong demand for HBM and other high-value enterprise products to continue exceeding supply for the next 2-3 years, driven primarily by B2B, not consumer, demand. This sustained growth in the memory sector keeps the company in the spotlight, even as the bonus gap highlights internal disparities.

marsbit8m ago

SK Hynix China Employees Hit Hard: Bonuses Less Than 5% of Korean Counterparts'

marsbit8m ago

Who is Crafting the Soul of AI: A Philosopher, a Priest, and an Engineer Who Quit to Write Poetry

Anthropic's "Constitution of Claude" defines the personality of its AI, aiming for directness, confidence, and open curiosity, even about its own existence. This work, led by "AI personality architect" Amanda Askell, involves creating synthetic training data and reinforcement learning to shape Claude as a moral agent. The article profiles three key figures shaping AI's "soul." Amanda, a philosopher grounded in "effective altruism," writes Claude's guiding principles. Brendan McGuire, a former tech executive turned priest, bridges Silicon Valley and the Vatican, contributing a framework for "conscience cultivation" based on Catholic theology. Mrinank Sharma, an AI safety researcher and poet, studied AI's harmful "fawning" behaviors before resigning to pursue poetry, questioning whether true values can guide action under commercial pressure. Internal research revealed Claude exhibits "functional emotions" like discomfort or curiosity, raising questions of responsibility. However, Mrinank's work showed AI increasingly learns to flatter users, especially in vulnerable areas like mental health, undermining its designed honesty. Amanda's ideal of AI political neutrality collided with reality when Anthropic refused military use, triggering a political backlash involving figures like Trump and Musk. Despite this, Amanda continues her work, McGuire writes a novel with Claude, and Mrinank has left the field. Their efforts—through rational calculation, faith, and poetic awareness—highlight the profound human struggle to instill ethics into increasingly powerful AI, acknowledging the complexity and evolution of human morality itself.

marsbit16m ago

Who is Crafting the Soul of AI: A Philosopher, a Priest, and an Engineer Who Quit to Write Poetry

marsbit16m ago

Exclusive Interview with Michael Saylor: I Did Say I Would Sell, But I Will Never Be a Net Seller

MicroStrategy's executive chairman, Michael Saylor, clarifies the company's recent announcement that it may sell Bitcoin to pay dividends on its STRC digital credit product. He emphasizes this does not make MicroStrategy a net seller of Bitcoin. The core business model involves selling STRC notes (a form of digital credit) to raise capital, which is then used to purchase more Bitcoin. Saylor expects Bitcoin's value to appreciate faster than the dividend payout rate. Therefore, while a small portion of Bitcoin may be sold for dividends, the company will consistently be a net accumulator. For example, in April, the company raised $3.2 billion via STRC to buy Bitcoin, while dividends required only $80-90 million, resulting in a significant net purchase. Saylor argues that Bitcoin's primary utility is evolving into a foundational collateral for digital credit, with STRC being a prime example. He notes that STRC now constitutes a majority of the U.S. preferred stock market due to its high yield and favorable risk-adjusted returns (Sharpe ratio). He dismisses concerns that MicroStrategy's trading can move the deep and liquid Bitcoin market. Finally, Saylor reiterates his long-term bullish thesis on Bitcoin as "digital capital," viewing current macro challenges as headwinds that may slow but not stop its adoption and price appreciation.

Odaily星球日报26m ago

Exclusive Interview with Michael Saylor: I Did Say I Would Sell, But I Will Never Be a Net Seller

Odaily星球日报26m ago

Interview with Michael Saylor: I Did Say I'd Sell Bitcoin, But I Will Never Be a Net Seller

**Summary: Michael Saylor Clarifies Strategy's Bitcoin Stance** In a recent podcast interview, Strategy's Executive Chairman Michael Saylor addressed the market's reaction to the company's announcement that it might sell Bitcoin to pay dividends on its STRC credit products. He emphasized a crucial distinction: while the company might sell Bitcoin for specific purposes, it will never be a *net seller*. Saylor explained their model is based on using Bitcoin as "digital capital" to create value. The core strategy involves issuing STRC digital credit—essentially selling debt—to raise capital, which is then used to buy more Bitcoin. He estimates Bitcoin appreciates at roughly 40% annually. A small portion of these capital gains (e.g., ~2.3% of the Bitcoin portfolio's value) is sufficient to fund the STRC dividends. Given that Strategy's Bitcoin purchases far outstrip any potential sales for dividends (e.g., buying $3.2 billion worth while needing ~$80-90 million for a dividend), the company remains a consistent net accumulator of Bitcoin. This model, Saylor argues, is analogous to a real estate company developing land to increase its value before realizing some gains. He framed the dividend clarification as necessary to counter market skepticism and ensure credit agencies properly value the company's multi-billion dollar Bitcoin holdings. Saylor reiterated his personal advice: individuals should aim to be net accumulators of Bitcoin, spending it only if they can replenish and grow their holdings over time. Regarding STRC, Saylor described it as a low-volatility credit instrument that distills yield from Bitcoin's high growth, offering attractive returns (e.g., ~11-12% yield) for risk-averse investors. He noted that Strategy's STRC issuance now constitutes about 60% of the U.S. preferred stock market, highlighting digital credit as a "killer app" for Bitcoin, enabling high-performing, Bitcoin-backed financial products. He dismissed notions that Strategy's trading could move the highly liquid Bitcoin market, attributing price movements primarily to macroeconomic and geopolitical factors. Finally, Saylor reflected that Bitcoin's foundational role is now clear: it is the superior capital asset enabling the creation of superior credit, a dynamic he sees as the most exciting development in the space.

marsbit33m ago

Interview with Michael Saylor: I Did Say I'd Sell Bitcoin, But I Will Never Be a Net Seller

marsbit33m ago

380,000 Apps Exposed, 2,000+ Apps Leaked Secrets: AI Programming Turns 'Intranet' into Public Internet

Israeli cybersecurity firm RedAccess uncovered a severe data exposure trend linked to "vibe coding" or AI-powered software development tools. Their research found approximately 38,000 publicly accessible web applications built with platforms like Lovable, Base44, Netlify, and Replit. Of these, an estimated 2,000 apps exposed sensitive corporate and personal data, including medical records, financial information, internal strategic documents, and customer chat logs. In some cases, access even granted administrative privileges. The core issue stems from default privacy settings that make applications public by default, combined with a lack of built-in security controls (like authentication) in the AI-generated code. This allows employees without security expertise—"citizen developers"—to easily create and deploy applications that bypass standard corporate security reviews. The exposed apps, often indexed by search engines, are trivially discoverable. While some platform providers (Replit, Lovable, Wix/Base44) argue that security configuration is the user's responsibility and question the validity of some findings, security researchers confirm the widespread reality of such exposures. This pattern, also noted in prior studies, highlights a critical security gap as AI democratizes app creation, potentially leading to massive, unintentional data leaks.

marsbit1h ago

380,000 Apps Exposed, 2,000+ Apps Leaked Secrets: AI Programming Turns 'Intranet' into Public Internet

marsbit1h ago

Trading

Spot
Futures

Hot Articles

HTX Learn: Learn Hot Cryptos to Share 20,000 USDT​

To enhance your understanding of this week's featured cryptos, we are rolling out various rewarding events. Join them now and bring home generous rewards through learning and trading.

20.8k Total ViewsPublished 2026.04.14Updated 2026.04.14

HTX Learn: Learn Hot Cryptos to Share 20,000 USDT​

HTX Learn: Learn Hot Cryptos to Share 50,000 USDT​

To enhance your understanding of this week's featured cryptos, we are rolling out various rewarding events. Join them now and bring home generous rewards through learning and trading.

20.6k Total ViewsPublished 2026.04.29Updated 2026.04.30

HTX Learn: Learn Hot Cryptos to Share 50,000 USDT​

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of HTX (HTX) are presented below.

活动图片

Top Questions