The Financial Conduct Authority in the UK has asked social media companies and app stores to block access to crypto exchange HTX, citing illegal promotion of crypto asset services. The regulator wants Google and Apple to remove HTX products from UK app stores. HTX, formerly known as Huobi, did not respond to requests for comment.

The FCA has taken enforcement action against HTX for illegally marketing its products to UK consumers, contrasting with firms complying with regulations. HTX is listed as an unauthorized company by the FCA, which warns consumers against dealing with them. The company has advertised illegal crypto promotions on various social media platforms.

Examples cited by the FCA include tutorials on HTX’s website on how to trade on the exchange and descriptions of crypto loans with phrases like “borrow and repay any time for flexible trading.” The FCA said HTX’s conduct contrasts with firms working to comply with regulations. The regulator noted that HTX had an opaque organizational structure.

The FCA said HTX had taken steps to prevent new UK customers from registering accounts, but existing UK users could still access unlawful financial promotions. The regulator’s lawsuit is filed against Panama-incorporated Huobi Global and “persons unknown.” Legal experts say regulating the crypto asset industry is challenging due to jurisdictional issues.

Read more at Yahoo Finance: Britain’s financial regulator seeks to block crypto exchange HTX from UK social media