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 BanThe 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 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.
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 EnforcementSteve 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.
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.
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.
Featured image from OpenArt, chart from TradingView.com
