UK Crypto Enforcers Drag Liberland Prime Minister Justin Sun Into Court: TRX Price Reacts

Core Viewpoint - UK regulators have initiated legal action against HTX, a cryptocurrency exchange linked to Justin Sun, as part of efforts to regulate unlawful crypto promotions targeting UK consumers [1][2]. Regulatory Actions - The Financial Conduct Authority (FCA) filed a civil lawsuit against HTX in London's High Court, claiming the exchange promoted crypto services to UK consumers without proper authorization [1][3]. - The FCA's action is aimed at protecting consumers and maintaining trust in the UK financial system, highlighting the increasing scrutiny on foreign crypto exchanges targeting UK customers [2][4]. Compliance and Legal Framework - The case is connected to breaches of the UK financial promotions regime introduced in 2023, which requires crypto companies to meet stringent requirements before advertising to UK customers [3][5]. - The FCA had previously warned HTX in October 2023, adding it to a list of unauthorized companies potentially targeting UK customers [5]. Market Impact - The lawsuit adds to Justin Sun's legal challenges, as he is already facing a lawsuit from the SEC in the United States for allegedly selling unregistered securities and engaging in wash trading [7]. - The market reaction to the lawsuit saw Tron's token, TRX, trading near $0.32, with a market capitalization around $30 billion, maintaining its position among the top ten digital assets [6].