UK Sanctions HTX, Crypto Firms for Alleged Russia Sanctions Evasion

The United Kingdom has intensified its efforts to curb Russia's access to international financial systems by imposing sanctions on major cryptocurrency exchange HTX, formerly known as Huobi Global.

As part of a wider package targeting entities linked to Russia's war economy, the UK government has named 18 entities and individuals, including HTX, for allegedly supporting Moscow's alternative financial infrastructure. The measures freeze assets and bar UK firms from processing payments, maintaining correspondent banking relationships or conducting business with the listed entities.

HTX is one of the largest cryptocurrency exchanges by trading volume and has ties to crypto entrepreneur Justin Sun, who serves as a global advisory board member. The exchange was named in the sanctions notice under accusations that it provided financial services or made funds available to A7 Limited Liability Company, a Russian-linked firm described by UK officials as operating in a sector of strategic value to Moscow.

The sanctions also target other firms and networks linked to Russia-focused payment routes, including entities registered in Georgia, the United Arab Emirates, and other jurisdictions. The UK said these systems were used to move funds, support procurement, and access foreign banking systems, despite sanctions imposed after the invasion of Ukraine.