In brief
- Britain's Financial Conduct Authority and HTX are in talks to settle the regulator's claim that the exchange illegally promoted crypto services to UK consumers.
- The High Court has paused proceedings until late August to let the two sides reach a deal, Reuters reported from court filings.
- The FCA's claim names a Panamanian company and four categories of "persons unknown," including anyone who takes over the exchange before October 2028.
The Financial Conduct Authority and HTX are "in talks" to negotiate a settlement in the regulator's case over unlawful crypto promotions to UK consumers, with London's High Court pausing proceedings until late August to let the two sides reach terms, Reuters reported from court filings. The sides exchanged emails in March, opened three months of talks and extended them by a further two on June 25.
The FCA issued proceedings in the Chancery Division on October 21 last year, in the first enforcement action of its kind against a crypto exchange over marketing, with the claim itself published in February. It is seeking an injunction and a declaration that the defendants breached section 21 of the Financial Services and Markets Act, which bars unauthorized financial promotions.
