Britain Sanctions Crypto Exchange HTX Amid Russia Evasion Allegations

The UK has taken a significant step in tightening its grip on Russia's illicit financial infrastructure by sanctioning cryptocurrency exchange HTX and 17 other entities. The move marks the first time British financial regulators have applied banking-style sanctions to crypto exchanges.

HTX, formerly known as Huobi Global, is accused of helping Russia evade Western restrictions tied to its war in Ukraine. The A7 payments network, a central focus of the sanctions package, is alleged to have processed over $90 billion last year, supporting Russian military procurement.

UK officials claim that the targeted entities are part of Russia's illicit financial infrastructure, used for moving funds, procuring goods, and funding its military campaign in Ukraine. The sanctions package includes 18 entities and individuals linked to these activities.