HTX

HTX is a centralized cryptocurrency exchange that has operated continuously since 2013, making it one of the longest-running trading platforms in the industry. Originally launched as Huobi, the exchange rebranded to HTX in September 2023 to mark its tenth anniversary and signal a new strategic direction. It offers spot trading, derivatives, staking, and automated trading tools across more than 700 digital assets, including Solana (SOL).

History and Background

Huobi was founded by Leon Li, a Tsinghua University graduate and former software engineer at Oracle. The exchange launched Bitcoin trading on September 1, 2013, shortly after acquiring the huobi.com domain. Early growth was rapid: the platform attracted seed investment from Dai Zhikang and Zhen Fund in 2013, followed by a $10 million Series A from Sequoia Capital in 2014. By June 2016, cumulative transaction volume had reached 1 trillion RMB.

The 2017 Chinese government ban on domestic cryptocurrency exchanges was a pivotal moment. Huobi halted Bitcoin withdrawals and pivoted to international expansion, eventually establishing operations in markets across Asia, Europe, and beyond. In 2018, the company became a publicly listed entity in Hong Kong through a reverse takeover of Pantronics Holdings.

In 2021, Huobi stopped serving mainland China customers following further regulatory tightening. Around 2022, cryptocurrency entrepreneur Justin Sun acquired the platform. Sun is also the founder of the TRON blockchain, and his ownership has shaped HTX's strategic alliances — most visibly in the name itself: the acronym HTX stands for Huobi (H), TRON (T), and Exchange (X), with the "X" also serving as the Roman numeral for ten, commemorating the platform's tenth anniversary at the time of rebranding.

Products and Features

HTX's core offering is spot trading, which covers 700+ cryptocurrencies. Solana (SOL) is listed on the spot market with multiple trading pairs, and the platform also provides SOL futures in both USDT-margined and coin-margined formats.

Beyond basic trading, HTX offers:

• Futures and derivatives: More than 230 futures contracts with leverage up to 200x on select instruments.
• Copy trading: Users can mirror positions from top traders on the platform, with multiple selectable strategies.
• Trading bots: Automated tools that execute strategies on behalf of users without manual intervention.
• Staking and earn products: HTX offers staking rewards across more than 100 assets, with daily reward distributions. Supported assets include USDT, USDC, ETH, and others; the platform provides flexible earn options tied to its native HTX token as well.
• Launchpool 2.0: A staking-based token distribution program where HTX token holders can earn airdropped tokens from newly listed projects. The program had attracted over 186,000 participants as of mid-2025.
• Convert: A token swap feature allowing direct conversions between supported assets without placing limit or market orders.

The platform maintains a proof-of-reserves system at a 1:1 ratio, meaning user assets are held in full. HTX employs a multi-wallet custody model — cold, hot, and warm wallets with multi-party controls — alongside multi-factor authentication and 24/7 account monitoring.

Solana Ecosystem Presence

HTX lists Solana (SOL) for spot, futures, and ETP trading. As part of its 2025 listing strategy, the exchange positioned itself as an early mover for tokens building on Solana. Notably, HTX was among the first centralized exchanges to list PAYAI, the native token of the Solana-based x402 protocol project, claiming first-mover status for that specific asset category.

HTX's broader listing philosophy in 2025 centered on identifying projects before they were picked up by larger exchanges. The exchange added 166 cryptocurrencies to its platform during 2025, including assets from the Solana ecosystem, with the rationale that early listings allow users to access lower entry prices before cross-platform valuation premiums emerge.

Security Incidents

HTX has faced significant security challenges. In September 2023, shortly after the rebrand from Huobi was announced, an attacker stole approximately $8 million from a hot wallet. In November 2023, HTX suffered a second breach resulting in losses of approximately $30 million, which the exchange stated it would cover in full. Concurrent attacks on the Heco Chain bridge — a cross-chain infrastructure also associated with Justin Sun — resulted in approximately $87 million in additional losses. In total, Justin Sun-linked platforms reported combined losses of around $208 million across multiple incidents over a roughly two-month period in late 2023. HTX subsequently restored services and pledged full user compensation.

In 2023, Chinese police also arrested three former HTX employees who had planted trojan software in the company's crypto wallets, compromising thousands of mnemonics and private keys.

Regulatory Standing

HTX's regulatory environment has grown more complex over time. In May 2026, the UK government sanctioned HTX for alleged violations of international sanctions against Russia, specifically citing the exchange's alleged provision of financial services to A7 Limited Liability Company, a sanctioned Russian payments network, and links to Garantex Europe OÜ, another entity under regulatory scrutiny. Separately, the UK Financial Conduct Authority initiated legal proceedings against HTX for allegedly publishing unlawful financial promotions to UK consumers in breach of crypto marketing rules.

These actions reflect ongoing uncertainty around the platform's compliance posture in regulated markets, though HTX has continued to operate globally and improve its position on exchange rankings. On CoinGecko's exchange leaderboard, HTX moved from 13th place to 7th place, reflecting improvements cited in trading depth, security, and transparency.

Industry Recognition

HTX has received several industry awards, including "Best Centralized Exchange" in 2024 and "Most Trustworthy Crypto Exchanges" in 2025. The exchange's longevity — over 12 years of continuous operation — and its scale, covering 700+ assets with deep liquidity, distinguish it from newer entrants to the market.

Solana Ecosystem Fit

For Solana ecosystem participants, HTX is relevant primarily as a centralized exchange offering spot and derivatives exposure to SOL and a growing set of Solana-based tokens. The platform's early-listing strategy has occasionally positioned it as the first exchange to support emerging Solana ecosystem projects, giving those tokens initial price discovery before broader CEX adoption. HTX's staking and earn products cover major assets but do not appear to offer native liquid staking for SOL in the manner of dedicated Solana staking protocols. Its role in the Solana ecosystem is therefore that of a large, general-purpose CEX with meaningful SOL trading volume and selective first-mover positioning for new Solana token listings.