Britain’s financial markets regulator said on Tuesday that it has requested social media platforms and app stores to block UK users from accessing crypto exchange HTX.
The Financial Conduct Authority said it had formally asked Google and Apple to remove HTX-related apps from their UK app stores. The regulator also urged social media companies to restrict HTX’s accounts from being shown to UK-based users.
The FCA previously filed a lawsuit against HTX in October, accusing the exchange of unlawfully promoting crypto asset services to consumers in the UK. HTX did not immediately respond to a request for comment on Tuesday.
According to the regulator, HTX has repeatedly issued illegal crypto promotions to British consumers and currently appears on the FCA’s warning list for firms that may be marketing financial products without proper authorisation.
FCA raises concerns over opaque structure
Regulators worldwide have long warned that crypto markets, which remain far less regulated than traditional financial systems, pose significant risks to investors.
The FCA said HTX operates under an opaque organisational structure, concealing the identities of its owners and those responsible for running its website. The regulator added that multiple attempts to engage with the company had gone unanswered.
While HTX has taken steps to prevent new UK users from opening accounts, the FCA said existing British customers are still able to log in and view unlawful financial promotions.
HTX, previously known as Huobi, was founded in 2013 and lists Chinese crypto entrepreneur Justin Sun as a global adviser. Sun was not named in the FCA’s lawsuit.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said this marked the first time the regulator has taken such action against a crypto firm for illegally marketing products to UK consumers.
