HTX Exchange: History, Present, and Controversies
HTX Exchange, formerly known as Huobi, has been a significant platform in the global cryptocurrency trading landscape since its establishment in 2013. Despite its substantial market position and user base, HTX has faced continuous controversies and challenges in recent years. This article will provide a comprehensive analysis of HTX Exchange's strengths and weaknesses, and outline the major events it has encountered recently.
Historical Evolution and Brand Upgrade
Huobi was founded by Li Lin in China in 2013 and quickly grew into one of the world's leading cryptocurrency exchanges due to its early strategic positioning and market approach. In 2022, About Capital Management completed its acquisition of Huobi, after which the platform rebranded as "Huobi Global" and appointed TRON founder Justin Sun as its global advisor. In September 2023, the platform further upgraded its brand to HTX, a name officially interpreted as a combination of Huobi, Tron, and Exchange, symbolizing the platform's new direction.
Core Advantages of HTX
- Asset Diversity and Liquidity: HTX supports over 600 cryptocurrencies and more than 800 trading pairs, offering users a wide range of investment options. Its daily spot trading volume is approximately $1.5 billion, and futures trading volume exceeds $4 billion (as of April 2026), demonstrating good market liquidity.
- Diverse Trading Products: The platform provides various trading tools such as spot, margin, futures, copy trading, and trading bots, catering to users with different experience levels and risk appetites.
- User Interface and Customer Service: Many users find HTX's trading interface intuitive and easy to operate, and it offers 24/7 customer support with relatively fast response times.
- Utility of HT Exchange Token: As the exchange token, HT can be used to pay trading fees and participate in platform governance voting, providing holders with certain discounts and benefits.
Controversies and Challenges
Regulatory and Legal Risks
HTX and its affiliated entities have faced multiple regulatory accusations and legal actions in recent years:
- US SEC Charges: In February 2023, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against HTX (then known as Huobi) and Justin Sun, alleging illegal sales of unregistered securities, fraud, and market manipulation.
- Hong Kong Trademark Dispute: In December 2023, the Hong Kong High Court ruled that HTX could not use the "Huobi" or "火幣" trademarks in Hong Kong, due to a trademark infringement dispute with X-Spot Global Limited, a company controlled by original founder Li Lin.
- UK FCA Lawsuit: In October 2025, the UK Financial Conduct Authority (FCA) filed a lawsuit against HTX, accusing it of illegally promoting crypto asset services to UK consumers.
- EU and UK Sanctions: In August 2026, HTX was hit with dual sanctions by the UK and the EU, leading to the closure of its compliant trading channels in Europe and the US. Part of the reason was reportedly its deep ties to the Russian A7 cross-border shadow payment network, involving funds totaling $1.5 billion.
Security Incidents and Internal Management
- DDoS Attack: On August 31, 2026, HTX suffered a DDoS attack, causing the platform to be inaccessible for a period, with some users experiencing login and withdrawal anomalies. A user claiming to be "Hacker" took responsibility for the attack, stating that Justin Sun's recent actions were disappointing. Although HTX historically prided itself on "never being successfully hacked," this DDoS incident still impacted its reputation.
- Internal Management Issues: In early 2024, reports indicated that HTX planned significant layoffs (approximately 20% or 550 people) and forced employees to accept stablecoin (USDT/USDC) as salary payments, while also blocking internal communication channels, raising concerns about its internal management.
User Experience and Compliance Concerns
Some users have reported shortcomings in HTX in the following areas:
- Investor Protection: The platform lacks an independent investor protection fund, which some users view as a risk.
- Account Transparency: Inability to view real-time account balances, and market order contracts having price discrepancies, potentially affecting trading experience.
- Customer Service Professionalism: Although customer service response is fast, its professionalism is sometimes questioned.
- Trading Fees: Spot limit order fees are higher than some competing platforms, although discounts are available for holding exchange tokens or using specific stablecoins.
- Mobile App Functionality: The mobile app has relatively fewer features for charting and technical indicators.
- Compliance and Background: The platform's frequent regulatory issues and its historical Chinese background have also raised concerns among some users regarding compliance and future development direction.
Key Data Overview
- Supported Cryptocurrencies: Over 600
- Trading Pairs: Over 800
- Daily Trading Volume (as of April 2026): Spot trading volume approximately $1.5 billion, futures trading volume over $4 billion
- Reserves (as of April 2026): Approximately $5.2 billion
- HT Token: Total supply of 300 million, used for fee payments and platform voting.
Market Position and Risk Warning
As an established exchange, HTX still holds a position in the global cryptocurrency market, though its market ranking fluctuates over time. Media and analysts generally believe that HTX still has room for improvement in terms of functionality and security, and Justin Sun's marketing capabilities and the controversies he brings are significant factors in HTX's continued attention.
Given the inherent volatility of the cryptocurrency market and the numerous regulatory and operational challenges HTX currently faces, investors should fully understand the relevant risks and conduct thorough due diligence when choosing a trading platform.
