UK Regulator Takes Action Against Crypto Exchange HTX
The UK Financial Conduct Authority (FCA) has announced the launch of legal proceedings against the cryptocurrency exchange HTX for illegally promoting its crypto asset services to British consumers. According to the regulator, HTX has been actively advertising its crypto offerings, which is a direct violation of the country's financial regulations.
Under UK law, any company providing financial services must be registered and approved by the FCA. It has now emerged that HTX did not have such authorization, but was nevertheless aggressively marketing its crypto products to users in the United Kingdom.
The regulator has deemed these actions by the exchange as illegal financial promotions aimed at attracting clients in circumvention of the established rules. Now the FCA intends to go to court to seek an end to this advertising campaign and impose appropriate penalties on HTX.
The situation with HTX once again demonstrates that the UK authorities take the observance of financial legislation, including in the field of crypto assets, very seriously. Tightening of regulation in this area is happening in many countries, and the UK is no exception. Companies working with cryptocurrencies will have to be very careful to comply with all the rules, otherwise they risk facing prosecution by financial regulators.