HTX, formerly Huobi, was a prominent crypto exchange that Justin Sun took control of in 2022. In 2023, a series of events caused Huobi to rebrand as HTX.

More recently, HTX has faced sanctions allegations over activity in Russia. In May, the Financial Conduct Authority (FCA ) designated Huobi Global/HTX as providing financial services or resources to Russia-linked firms. Last month, the EU followed suit.

The FCA has also alleged illegal financial promotions. HTX is no longer authorized to operate in the UK.

In the US, Huobi/HTX has been banned for years.

Zumo founder and CEO Nick Jones says the FCA is “baring its teeth ” ahead of its authorization gateway, scheduled to launch next month, before its crypto regulatory regime…