The UK government has added cryptocurrency exchange HTX — formerly Huobi Global — to its list of sanctioned entities, citing “reasonable grounds to suspect” that the platform has supported Russia through financial services and funds channeled via A7 Limited Liability Company and Garantex, two other sanctioned entities.
UK authorities said the designation is part of a broader crackdown on organizations the government believes are being used to help Russia circumvent sanctions. “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” UK Foreign Secretary Yvette Cooper said.
HTX, which is headquartered in Panama, issued a statement emphasizing its commitment to compliance: “Regulatory compliance remains our absolute top priority at HTX. We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK.”
The move follows a series of regulatory and enforcement actions against crypto firms tied to sanctions concerns. In 2025 the UK’s Financial Conduct Authority opened legal proceedings against HTX over alleged illegal crypto promotions on social media platforms, saying the company promoted services in ways that breached marketing rules.
Internationally, sanctions related to Russia’s invasion of Ukraine — first launched in 2022 — have continued to evolve. In April the European Commission announced a package of crypto-related measures targeting certain stablecoins and digital-asset operators, including instruments and entities linked to Belarus. Those steps aimed to close gaps that could allow sanctioned parties to exploit digital-asset markets.
At the same time, Russian legislators advanced proposals that would tighten domestic controls on digital assets, including measures to criminalize unlicensed digital-asset services and require registration with the central bank. The bills, which also seek limits on retail crypto investment and keep bans on digital-asset payments in force, passed initial readings in the lower house.
The UK designation of HTX underscores growing scrutiny of crypto platforms’ potential role in sanctions evasion and the intersection of regulatory enforcement across jurisdictions. Readers are encouraged to verify developments with official government statements and regulatory filings.
