The UK’s Financial Conduct Authority (FCA) said it is targeting Cryptocurrency Exchange HTX for illegally promoting digital asset services in the country.
The FCA has started legal proceedings against the exchange formerly known as Huobi in the High Court, London, according to an emailed statement on Thursday.
The financial regulator Earlier warnings were issued that the exchange would return in 2023which was bought by TRON Founder Justin Sun in 2022, according to The Bloomberg Billionaires Indexmay promote financial services without consent. The day was not mentioned in the statement.
At this time, the FCA said consumers should avoid dealing with Huobi because it is not authorized to promote financial services in the UK.
“This action is part of our commitment to protect consumers and uphold the integrity of the UK financial markets,” an FCA spokesman said in the statement. “We have seen crypto companies that are positive in our financial rules and regulations, however where we still see poor practices we do not hesitate to take action where companies appear to be violating our rules.”
HTX did not respond to Coindesk’s request for comment.
