The UK’s Financial Conduct Authority has intensified enforcement against crypto exchange HTX, asking major app stores and social platforms to block the firm’s services in Britain amid allegations it has been illegally marketing crypto products to UK consumers. In a Tuesday statement the FCA said it has formally requested that Apple’s App Store and Google’s Play Store remove HTX’s apps for UK users and that social platforms block the exchange’s accounts for British audiences. The regulator specifically named TikTok, X (formerly Twitter), Facebook, Instagram and YouTube as outlets where it says HTX repeatedly advertised “illegal crypto services” in breach of UK marketing rules. Key allegations and actions - Illegal marketing: The FCA says HTX promoted crypto services on popular social channels in ways that violate UK rules on how crypto products can be offered to the public. - Opaque ownership: The regulator alleges HTX operates via an “opaque corporate structure” that hides who owns and runs the platform. - Lack of engagement: The FCA says repeated attempts to engage with HTX have gone unanswered. - Partial measures by HTX: Since legal proceedings began HTX has blocked new UK users from registering, but the FCA says this step is insufficient and there’s no assurance the restriction will be permanent. FCA enforcement and industry context Steve Smart, the FCA’s joint executive director of enforcement and market oversight, framed the move as protecting consumers and supporting a stable, competitive crypto market where people can make informed choices. He noted HTX’s behavior stands in “sharp contrast” to most firms trying to comply with the UK’s regulatory framework and that this is the first time the FCA has taken enforcement action specifically for illegal marketing of crypto products to UK consumers. HTX is already on the FCA’s Warning List, which means UK customers who use the platform are not covered by protections such as the Financial Ombudsman Service. Legal view: cross-border limits Nick Barnard, partner at Corker Binning, said the case underscores the difficulty of policing crypto firms from a single jurisdiction. With no physical UK presence, the FCA’s options are limited, he noted — but the regulator appears determined to demonstrate a firm stance against companies that openly flout UK rules. What comes next The FCA has asked platforms and app stores to act; whether they comply and how HTX responds will shape the next phase of this dispute. For UK consumers, the regulator’s action is a clear warning to steer clear of firms on the Warning List and to seek platforms that meet UK regulatory standards. (Featured image: OpenArt; chart: TradingView) Read more AI-generated news on: undefined/news

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