UK regulator, crypto exchange HTX locked in settlement talks

On August 13, 2023, Britain's Financial Conduct Authority (FCA) and HTX, a cryptocurrency exchange under UK and European Union sanctions, entered into settlement talks regarding allegations of illegally promoting crypto services in the UK, according to court documents. The FCA had previously sued HTX in October, one of the world's largest crypto platforms, now known as Huobi, which was controlled by Chinese billionaire Justin Sun since 2022.

However, due to these ongoing settlement talks, the FCA's lawsuit against HTX has been temporarily halted, giving both parties two months until late August to resolve their dispute. This case highlights the challenges regulators face in policing global crypto companies, which often have opaque corporate structures and can disregard the regulator while reaching customers globally through the internet.

Both the FCA and HTX declined to provide further details on the status of talks, legal proceedings, or timelines.