The United Kingdom has imposed a sweeping sanctions package against HTX (formerly Huobi Global) and several other cryptocurrency firms, accusing them of supporting Russian financial networks used to evade international sanctions. The asset freeze and payment-processing ban target HTX for allegedly making funds, economic resources, goods, or technology available to the Kremlin-linked A7 network.
The sanctions, announced on Tuesday, are the UK’s first application of Regulation 17A to cryptoasset exchanges, according to blockchain analytics firm Elliptic. This regulation restricts correspondent banking relationships and payment processing involving designated persons. As a result, UK virtual asset service providers (VASPs) are now legally required to freeze funds connected to HTX and other listed entities. Elliptic noted that even indirect exposure might trigger the prohibition if a transaction chain passes through the sanctioned exchange.
The UK government listed Huobi Global S.A., a Panama-registered entity operating as HTX, alongside Garantex Europe OU, Aifory Pro, and others. It cited “reasonable grounds to suspect” that the firm provided services to A7 Limited Liability Company—a Russian crypto exchange with a ruble-pegged stablecoin, A7A5, used by state actors to bypass sanctions. Foreign Secretary Yvette Cooper stated, “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken.”
HTX was already under fire in the UK. In February, the Financial Conduct Authority (FCA) began legal proceedings against the exchange for alleged unlawful crypto promotions targeting British consumers across social media platforms like TikTok, X, and Instagram. The new sanctions intensify the pressure, potentially disrupting HTX’s operations globally.
Justin Sun, the exchange’s founder and advisory board member, did not immediately respond to requests for comment. Sun’s high-profile involvement has kept the exchange in the spotlight amid other legal battles, including an ongoing feud with the Trump family’s crypto venture. The sanctions follow warnings from TRM Labs that Russia-linked illicit wallet inflows hit a five-year high in 2025, with the A7 network and Garantex among the top contributors.
