The United Kingdom has sanctioned crypto exchange HTX, formerly known as Huobi, over allegations that the platform helped Russian-linked entities move funds despite Western restrictions. The move marks one of the strongest actions taken by the U.K. against a major cryptocurrency exchange since the Russia-Ukraine war began.
British officials claim HTX provided financial services connected to sanctioned Russian networks, including A7 and the Moscow-based exchange Garantex. U.S. authorities previously accused Garantex of money laundering and sanctions evasion, placing the platform under sanctions years ago.
U.K. Expands Pressure on Russia’s Crypto Networks
The U.K. Foreign Office said the sanctions are part of a larger campaign targeting alternative payment systems allegedly used by Moscow to avoid international restrictions.
Foreign Secretary Yvette Cooper stated that Russia’s attempts to use digital assets and crypto infrastructure to bypass sanctions would face stronger enforcement measures moving forward.
Officials believe so-called “shadow financial systems” have become increasingly important for Russian-linked businesses after traditional banking access tightened under Western sanctions.
Key points from the U.K. action include:
- HTX allegedly facilitated services linked to sanctioned Russian entities
- Authorities identified connections to A7 and Garantex
- The crackdown aims to disrupt crypto-based sanctions evasion
- Regulators are increasing oversight of offshore crypto exchanges
HTX Responds to Allegations
HTX said it plans to cooperate with British authorities and seek further clarification regarding the accusations. The exchange also stressed its commitment to complying with regulations across global markets.
The platform remains one of the world’s largest crypto exchanges. Reports suggest HTX processed more than $3 trillion in digital asset transactions last year, highlighting its major role in the crypto trading industry.
Justin Sun Faces Fresh Regulatory Attention
The sanctions have also renewed focus on TRON founder Justin Sun, who is closely associated with HTX. Sun has faced growing scrutiny from regulators in recent years due to investigations and legal disputes tied to several crypto ventures.
Earlier this year, Sun and Trump-backed World Liberty Financial reportedly filed lawsuits against each other after their business partnership collapsed.
Analysts believe the U.K.’s latest move could encourage stronger coordination between Western governments seeking tighter control over crypto platforms connected to high-risk jurisdictions and sanctions-sensitive financial activity.
