UK regulator, crypto exchange HTX locked in settlement talks

London's financial watchdog, the Financial Conduct Authority (FCA), and crypto exchange HTX are engaged in settlement negotiations, according to court documents. The FCA had previously sued HTX, formerly known as Huobi, one of the world's largest crypto platforms, in October of last year. The dispute centers around allegations that the group is illegally promoting crypto services in the UK.

However, the High Court has granted both parties two months until late August to reach a resolution. This case is significant as it marks the first FCA lawsuit against a crypto firm over marketing to UK consumers, shedding light on the challenges of regulating global crypto companies with opaque structures and those who ignore the regulator while targeting customers online.

Both the FCA and HTX have declined to comment on the status of the ongoing talks, with the latter's spokesperson emphasizing their commitment to compliance and working with regulators to foster the sustainable growth of the cryptocurrency sector.