UK Imposes Sanctions on Crypto Exchanges Linked to Russia

The UK has taken a significant step in cracking down on Russia's alleged illicit financial infrastructure by imposing sanctions on several cryptocurrency exchanges and payment companies.

Among the firms targeted are major crypto exchange HTX, formerly known as Huobi Global S.A., along with Rapira Group LLC, Aifory LLC, Arvix LLC, and Bitpapa IC FZC LLC. These entities have been linked to the A7 payments network and Garantex, a Russian crypto exchange already sanctioned by Western authorities.

The sanctions were announced by the U.K. Foreign, Commonwealth & Development Office as part of a broader crackdown on Russia's alleged illicit financial infrastructure. British officials claim these networks have been used to move money, purchase goods, and sustain military operations despite international sanctions.

The UK has extended restrictions previously aimed at sanctioned banks to crypto exchanges under Regulation 17A of its Russia sanctions regime. This means that U.K. financial institutions and crypto service providers are prohibited from maintaining business relationships or processing transactions tied to sanctioned entities.