Crypto exchange HTX was sanctioned by the UK on 26 May as part of a wider move to cut off financial networks that authorities say have helped maintain Russia-linked payment channels.
Crypto Exchange HTX Sanctioned by UK as Part of Russia Crackdown
26 May 2026 - 22:57 CEST
By Jona Jaupi
The measures were imposed against Huobi Global S.A., now known as HTX, Reuters reported. Founded in China in 2013, HTX currently has more than $5bn in total value locked, according to DeFiLlama. HTX is owned by billionaire Justin Sun, who also founded the TRON blockchain.
UK authorities said they have "reasonable grounds" to suspect that HTX is or has been involved in "obtaining a benefit from or supporting the Government of Russia by providing financial services, or making available funds, economic resources, goods or technology," according to the sanctions filing.
The penalties include an asset freeze, restrictions on payment activity and limits on certain banking relationships.
The move is a part of broader efforts by the UK and its allies to limit the financial networks Russia can use following its invasion of Ukraine in 2022. The sanctions package also targets other entities and individuals tied to the A7 payments network, including crypto platforms, financial firms and people connected to Russia-linked networks.
UK authorities define the A7 network as a Kremlin-backed payment network that "actively exploits Kyrgyzstan's financial systems to channel funds into Russia's war economy.
"We will continue to act fast and decisively, alongside our allies, to expose, disrupt and dismantle these networks, and ensure those enabling Russia's aggression face consequences," UK Foreign Minister Yvette Cooper said in a statement.
Reuters reported that the Russian embassy in London called the sanctions unlawful and futile, adding that Russia would not "alter its course on account of London’s whims."
The significance
According to blockchain analytics firm Elliptic, the move marks the first known use of Regulation 17A against crypto exchanges.
The rule has mostly been used against sanctioned banks and could expand restrictions on how UK firms interact with designated crypto platforms. Elliptic said the rule could also have broader effects across crypto because it covers not only direct transactions with sanctioned firms, but also payments that move through them.
"Regulation 17A is one of the most powerful tools in the UK's financial sanctions framework," Elliptic wrote in its 26 May report. "Historically deployed against designated banks such as those targeted in the wake of Russia's invasion of Ukraine, it imposes far-reaching restrictions on correspondent banking relationships and payment processing."
The firm added that exchanges and financial institutions may need to pay closer attention to where funds originate and move across networks, rather than simply screening direct counterparties.
HTX handled roughly $3.3tn in trading volume in 2025, according to Elliptic. Over the past 24 hours, it recorded $1.2bn in trading volume, per CoinGecko data.
