UK adds cryptocurrency exchange to sanctions list, citing facilitation of financial services for Kremlin
The UK government added cryptocurrency exchange HTX to its sanctions list on May 26, 2026, citing reasonable grounds to suspect the platform facilitated financial services and funds for Russia’s government through sanctioned intermediaries A7 Limited Liability Company and Garantex.
UK Foreign Secretary Yvette Cooper said in a statement: “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken.” The designation marks an escalation in Western enforcement against digital asset platforms accused of enabling sanctions evasion related to Russia’s military actions in Ukraine, which began in 2022.
HTX, formerly known as Huobi Global and headquartered in Panama, has faced regulatory scrutiny in the UK for months. In 2025, the UK Financial Conduct Authority opened legal proceedings against HTX for illegal cryptocurrency promotions on social media platforms including TikTok, X, Facebook, Instagram, and YouTube, in violation of marketing rules.
In response to the sanctions designation, an HTX spokesperson stated: “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 exchange did not address the specific allegations regarding facilitation of financial services for Russia.
The sanctions action aligns with broader Western regulatory moves against crypto infrastructure. In April 2026, the European Commission announced crypto-related sanctions targeting stablecoins and digital asset operators linked to Belarus. That same month, Russian lawmakers advanced legislative measures that could impose criminal penalties on unlicensed digital asset services and mandate registration with Russia’s central bank.
Russia has faced ongoing multilateral sanctions from the European Union and other countries over its military operations in Ukraine. The UK’s designation of HTX reflects intensifying focus on cryptocurrency’s role in circumventing financial controls, with authorities treating digital asset exchanges as potential vectors for sanctions evasion by state actors.
The source does not specify the exact nature or scope of financial services HTX allegedly provided to Russia, the timeline of such activities, or individual decision-makers at the exchange involved in the alleged facilitation.
