HTX Has Left the UK: What Happens to UK Users' Crypto Now?

If you have crypto on HTX, the exchange formerly known as Huobi, it isn't gone, but you can't leave it there indefinitely. On 29 October 2026 the FCA said HTX is no longer active in the UK: UK users can't deposit and new UK users can't sign up. According to HTX's own notice, existing UK accounts can't trade either, and the route out is a one-off, 48-hour withdrawal window that you have to request.

There's an extra wrinkle most coverage has skipped. The company behind HTX has been on the UK sanctions list since May, and that shapes how withdrawals work. Here's what the official documents say, and what to do now.

What has the FCA actually announced?

The FCA has secured High Court undertakings from Huobi Global S.A., the company behind HTX, that it won't knowingly promote crypto services unlawfully to UK consumers, including through its website, apps and social media. The FCA started the case in October 2025. The settlement terms are confidential and aren't an admission of liability.

Some context helps. Since October 2023, anyone promoting crypto to UK consumers has had to follow the financial promotions regime, which in practice means being authorised by the FCA or having promotions approved by an authorised firm. The FCA says HTX repeatedly failed to engage with it and then moved to exit the UK. CoinDesk reports that the FCA had first warned about HTX in October 2023, and that the undertakings run until 21 October 2031.

The FCA's enforcement director, Steve Smart, put the message simply: "being based overseas does not put them beyond the reach of UK law."

It's the FCA's first court action against a crypto firm over illegal marketing, according to Cointelegraph's report. I'd read it as a signal aimed well beyond HTX. Plenty of offshore exchanges still advertise to UK users on social media, and the FCA has now shown it will take one to court.

Can UK users still get their crypto out of HTX?

Yes, but only on HTX's terms, and the process is narrow. The FCA tells existing customers to read the information HTX has published about its UK services and how to withdraw any remaining assets. It doesn't set a deadline itself.

HTX's notice dated 16 October 2026, as reported by Cointelegraph and DeFiPrime, says:

What the notice says	What it means in practice
UK accounts can no longer deposit or trade	You can't sell or swap on HTX first. You withdraw the coins you hold
Eligible individual users can request a one-time 48-hour window	You ask support, and the clock starts when they open it
Approval depends on identity, ownership, sanctions, anti-money laundering and security checks	Expect to re-verify and to prove the account is yours
You must confirm the withdrawal is for personal use	The licence route is for personal payments, not business ones
You withdraw everything yourself during the window; HTX won't transfer on your behalf	Have a destination wallet ready before you ask
The account is closed once fully withdrawn	There's no second window if you miss coins

We couldn't load HTX's notice directly when writing this, so check it yourself on HTX's official site before acting. Neither HTX nor the FCA has said how long support requests take, or what happens to balances where a user can't meet the conditions.

Why do UK sanctions matter here?

Because Huobi Global S.A. is a designated entity under the UK's Russia sanctions regime. The UK Sanctions List entry (unique ID RUS3619) shows it was designated on 26 May 2026, with an asset freeze among the measures, and lists "HTX (formerly Huobi)" and "HTX Exchange" as name variations. The government's stated reason is suspected financial services to Russia-linked entities.

HTX has said the designation doesn't affect the exchange or user funds, but the official listing names HTX directly. For UK users, the practical point is that dealing with a designated firm is restricted unless a licence covers it.

That's where a Treasury general licence comes in. HTX's notice ties approval to the Personal Remittances General Licence (INT/2024/4761108), as DeFiPrime reports. The licence itself, published by the Office of Financial Sanctions Implementation (OFSI), says:

• An individual can use the retail banking services of a designated financial institution for payments intended for their personal use.
• The total cumulative limit is £55,000 per person between May 2024 and the licence's expiry on 23 February 2028.
• Payments for goods or services for commercial purposes aren't covered.
• Since 26 May 2026, where payments are made or received in crypto, the individual (or firm) must report them to HM Treasury within 14 days of the end of the month, with the amount, the route (including wallet details), the date, and confirmation it was for personal use.

That reporting duty is easy to miss, and it falls on you, not just on HTX. If your balance is above £55,000, the general licence alone may not cover it. OFSI can grant specific licences, but that's a question for a sanctions lawyer, not a support ticket.

What should HTX users do now?

Get organised before you request the window, because 48 hours goes quickly if you're also waiting on verification emails. The aim is to move everything out in one go, to a wallet you control or a UK-registered exchange, with a clean paper trail.

A practical checklist:

1. Screenshot your balances and download your full transaction history from HTX now, while you can still log in.
2. Read HTX's notice on its official website, and reach support only through links on that site. Don't use contacts sent to you by DM or email.
3. Prepare destination addresses for every coin and network you hold. A wrong network can lose funds, so check each one carefully.
4. Decide where the coins go. A hardware or software wallet you control is the simplest option. If you're sending to a UK exchange, check it's on the FCA register and expect questions, since the coins come from a sanctioned platform.
5. Do a small test transfer first if the window allows it, then send the rest.
6. Keep records of each withdrawal: amount, network, transaction ID and date. You'll need them for any HM Treasury report under the licence and for HMRC.
7. Get advice if your balance is large, the account is in a company's name, or you're unsure whether the licence covers you.

UK exchanges will likely ask where the coins came from. Our guide to proving source of funds for crypto covers what they usually want to see.

Is withdrawing from HTX a taxable event?

Not by itself. HMRC's list of disposals that can trigger Capital Gains Tax is selling, swapping for another token, spending, and giving away. Moving coins you own into a wallet you also own isn't on it. If you sell or swap them later, that's when a gain or loss may arise.

What HMRC does insist on is records. It says you must keep your own records of each transaction, and that exchange reports aren't tax calculations. If HTX closes your account, that history goes with it, so download it first. Our capital gains tax guide explains pooling and how to work out your cost.

What does this tell you about using offshore exchanges?

That access can end quickly, and you have little say over how. HTX wasn't registered with the FCA, so it wasn't subject to UK oversight while UK users were on it. When a firm like that leaves, the exit terms are its own, and there's no Financial Ombudsman route if they don't suit you.

That's not a reason to panic about every exchange. It's a reason to check, before you deposit, whether a firm is registered with the FCA or on its Warning List. Our explainer on what happens if a crypto exchange goes bust covers the protections, and the lack of them.

One more warning, because it always follows stories like this. Expect "recovery" offers on social media promising to get HTX funds out for a fee. The FCA warns that recovery room scams target people who've already had problems. Only HTX can process your withdrawal, and no legitimate route needs an upfront payment to a stranger.

Frequently asked questions

Is HTX banned in the UK? HTX no longer serves the UK. On 29 October 2026 the FCA said UK users can't deposit or sign up, after HTX gave High Court undertakings not to knowingly promote crypto services unlawfully to UK consumers. The parent company, Huobi Global S.A., has also been on the UK sanctions list since 26 May 2026.

Can I still withdraw my crypto from HTX in the UK? According to HTX's 16 October 2026 notice, as reported, eligible individual UK users can request a one-time 48-hour window to withdraw all remaining assets themselves, subject to identity, sanctions and anti-money laundering checks. Trading stays disabled, and the account closes after withdrawal. Check HTX's official notice for current terms.

Is there a deadline to withdraw from HTX? Neither the FCA nor HTX has published a common deadline, based on the reporting so far. The 48-hour window starts only once HTX approves your request. Because terms can change and the account closes afterwards, it makes sense to prepare your wallets and records and request the window sooner rather than later.

Do I need to report my HTX withdrawal to the government? Possibly. If HTX relies on OFSI's Personal Remittances General Licence, the licence says anyone making or receiving payments under it in crypto must report them to HM Treasury within 14 days of the end of the month. The licence also caps the total at £55,000 per person.

Will I pay tax on crypto I withdraw from HTX? Moving your own coins to a wallet you own isn't one of HMRC's listed disposals, so it shouldn't create a gain by itself. Selling, swapping, spending or gifting them later can. Download your full HTX history before the account closes, as you'll need it to calculate gains.

The practical next step

If you hold anything on HTX, log in today, download your history, and list every coin and network you'll need to withdraw. Then read HTX's official notice and request the window when your wallets are ready. This is general information, not legal, tax or financial advice. If your balance is large or your situation is unusual, speak to a qualified adviser first.