HTX Exits UK After FCA Settlement as KuCoin Abandons Russia and Belarus
Key Takeaways
HTX is exiting the UK following an FCA settlement over alleged violations of cryptocurrency advertising regulations, ending services for British customers.KuCoin is withdrawing from Russia and Belarus, citing regulatory compliance requirements and directing affected customers to close positions and withdraw funds.MEXC and Bitget also recently restricted services in Russia and Belarus, reflecting growing regulatory pressure and expanded EU sanctions targeting cryptocurrency transactions.
Cryptocurrency exchanges HTX and KuCoin are withdrawing from major international markets, with HTX leaving the United Kingdom following a settlement with financial regulators and KuCoin halting services in Russia and Belarus, where two other prominent trading platforms recently announced similar restrictions.
The UK’s Financial Conduct Authority (FCA) announced Thursday that it had reached a settlement with HTX, formerly known as Huobi, resolving a lawsuit over the exchange’s alleged violations of cryptocurrency advertising regulations.
The regulator said it secured commitments through the High Court preventing HTX from knowingly promoting cryptocurrency services unlawfully to British consumers. The exchange has already stopped accepting deposits from existing UK customers and blocked new account registrations.
The FCA initiated legal proceedings against HTX in October 2025 after the exchange repeatedly failed to engage with regulators over alleged breaches of financial promotion requirements. The watchdog publicly disclosed the enforcement action in February 2026.
“Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law,” said Steve Smart, the FCA’s executive director of enforcement and market oversight, in a statement. “Our action means HTX is leaving the UK and can no longer target UK consumers.”
Under the agreement, HTX must avoid unauthorized promotional activity across its website, mobile applications and social media channels. The settlement’s financial terms remain confidential, and the arrangement does not constitute an admission of liability or wrongdoing.
The FCA directed remaining British customers to HTX’s website for information about withdrawing assets still held on the platform.
Another Exit From Russia and Belarus
Meanwhile, KuCoin announced Thursday that it would immediately discontinue all products and services for customers in Russia and Belarus, citing compliance with applicable legal and regulatory requirements.
The exchange said affected customers would receive individual notifications providing deadlines and instructions for closing trading positions and withdrawing funds. Users who do not receive notifications were told that no immediate action was necessary.
KuCoin did not identify specific laws or sanctions behind its decision, nor did it disclose how many customers would be affected.
The withdrawal follows similar moves by competing exchanges MEXC and Bitget earlier this month, reflecting growing international pressure on cryptocurrency platforms serving customers in Russia and Belarus.
As Bitcoin.com News reported on Oct. 21, MEXC began winding down services for users in both countries on Oct. 20, attributing its decision to global compliance requirements. The exchange said affected customers would receive personalized instructions for closing positions and recovering their assets, while users who were not notified could continue trading.
Bitget also added Russia, Belarus, and Kazakhstan to its list of restricted jurisdictions in October. According to an Oct. 17 report from Russian investigative publication The Insider, some Bitget customers were instructed to close their positions and withdraw funds by Oct. 21.
Bitget additionally prohibited customers from using virtual private networks, or VPNs, to circumvent geographic restrictions, according to the publication’s review of the exchange’s updated user agreement.
The restrictions follow an expansion of European Union sanctions against Russia and Belarus, including measures targeting cryptocurrency service providers accused of facilitating sanctions evasion.
Bitcoin.com News previously reported that the EU’s 20th sanctions package, adopted in April, prohibited cryptocurrency transactions with service providers operating in Russia and Belarus. Additional measures introduced in July targeted specific cryptocurrency companies and expanded restrictions intended to prevent sanctioned entities from using international exchanges to move funds.
