UK Sanctions Crypto Exchange HTX Over Alleged Links to Russia's Sanctions-Evasion Network

The United Kingdom has taken action against cryptocurrency exchange HTX, formerly known as Huobi, in connection with alleged Russian sanctions evasion. The UK sanctioned HTX along with 17 other individuals and entities linked to a network called A7.

The A7 network is described by British authorities as a financial system used to support Russia's military activities in Ukraine. It allegedly uses cryptocurrencies, shell companies, and alternative payment systems to circumvent traditional banking controls.

According to the UK, the A7 network processed over $90 billion in 2022. This makes it one of the largest alleged sanctions-evasion structures identified since the war began.

The sanctions do not accuse ordinary users of wrongdoing but rather focus on the exchange's alleged links with entities tied to the broader A7 network. This approach may create compliance issues for exchanges, custodians, financial institutions, and payment providers.