Emma RadmoreThe FCA has started legal proceedings against HTC, formerly known as Huobi, a global crypto exchange, for illegal financial promotions of crypto asset services to UK customers.
It has previously warned about the promotions, but the firm has continued to publish promotions in breach of FCA rules on several media channels. The FCA says HTX’s structure is opaque and it has ignored all the FCA’s attempts to engage with it. While it has now, since the FCA issued proceedings, taken steps to restrict new UK customers from opening accounts, existing ones can still log in and see illegal promotions.
The FCA asked social media companies to block the firm’s accounts to UK-based customers and asked Google and Apple to remove the firm’s apps.