HTX and FCA seek settlement in UK crypto marketing lawsuit
HTX and the UK Financial Conduct Authority have entered settlement talks over allegations that the crypto exchange illegally promoted its services to British consumers, with High Court proceedings paused until late August while negotiations continue. Reuters reported on Aug. 13, citing court documents, that the FCA and HTX have been given another two months to seek a settlement after the two sides began exchanging emails in March and initially held three months of negotiations. The discussions concern a lawsuit filed by the FCA in October against Panama-incorporated Huobi Global and unidentified people alleged to operate and control HTX. In February, the regulator accused the exchange of breaching financial promotion rules that have applied to cryptoassets in the UK since October 2023. HTX, formerly known as Huobi, is one of the worlds largest crypto trading platforms and has been linked to Tron founder Justin Sun, who acquired a controlling interest in the exchange in 2022. The company is also dealing with separate sanctions imposed by the UK and European Union while maintaining that its services are not intended for British customers. HTX and FCA have extended settlement talks Court orders reviewed by Reuters show that discussions between HTX and the FCA began after months of unsuccessful