The UK government has added the HTX cryptocurrency exchange to its list of entities subject to sanctions over its support for Russia.
On Tuesday, the British authorities he said that there are “reasonable grounds to suspect” that HTX, formerly Huobi Global, is supporting the Russian government through financial services and funds provided by A7 Limited Liability Company and Garantex, other sanctioned entities. The Panama-based cryptocurrency exchange was the latest named as part of a crackdown on entities “used by Russia to circumvent British sanctions.”
“If the Kremlin thinks it can avoid our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” said British Foreign Secretary Yvette Cooper.
An HTX spokesperson told Cointelegraph:
“Regulatory compliance remains our absolute top priority at HTX. We actively monitor and strictly adhere to the regulatory framework in all jurisdictions where we operate globally, including the UK.”
Source: Global HTX
Russia continues to face sanctions imposed by multiple countries in the European Union and around the world over military operations in Ukraine that began in 2022. In April, the European Commission announced a package of cryptocurrency sanctions targeting stablecoins such as A7A5 and digital asset operators linked to Belarus.
Related: British politician Nigel Farage bought a house worth $1.8 million after a gift of cryptocurrency worth $6.7 million
HTX has previously been targeted by the UK Financial Conduct Authority, which initiated legal proceedings against the company in 2025 over the illegal promotion of cryptocurrencies on social media. The UK watchdog found that HTX pushed promotions on TikTok, X, Facebook, Instagram and YouTube in breach of marketing rules.
Russia may criminalize crypto activities with up-to-date regulations
In April, Russian lawmakers unveiled measures that could allow authorities to impose criminal sanctions on unlicensed digital asset services and order registration with the country’s central bank. The proposals were accompanied by draft laws that passed the first reading in the lower house of parliament, imposing restrictions on cryptocurrencies for retail investors and strengthening the ban on payments for digital assets.
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