“Can a globally sanctioned and rebranded crypto exchange rebuild regulatory legitimacy while scaling embedded crypto-financial services across non-Western markets?”
Founded in 2013 in Beijing as a spot cryptocurrency exchange, Huobi grew into one of the world's largest crypto trading platforms. Following regulatory pressure in China and global markets, the exchange relocated operations offshore and rebranded to HTX after its acquisition by About Capital Management circa 2023. The platform expanded into crypto-backed lending, a European debit card via Solarisbank, and C2C margin products — building out embedded finance features around its exchange core. By 2026, HTX faced escalating regulatory action: an FCA lawsuit for illegal UK promotion and a UK Russia-sanctions designation that froze assets and banned UK correspondent banking access, severely curtailing its Western market reach.