London, May 27, 2026, 11:01 BST
- Britain added 18 names to its sanctions list, targeting people and firms tied to Russia’s crypto and payments activity. Huobi Global S.A., now called HTX, is among those hit, according to .
- London is now applying bank-style payment curbs to crypto exchanges, beyond just freezing assets.
- The package steps up pressure on offshore crypto venues and Russian payment rails like A7, networks tied to Garantex, and peer-to-peer exchanges.
UK authorities on Tuesday froze assets and cut off payment links with crypto exchanges and banks tied to Russia, including Huobi Global S.A., now called HTX. It’s one of the biggest crackdowns yet by Britain on crypto channels that could allow sanctions evasion.
Timing is key. London’s aim is to cut off the system, not just add another name to its sanctions list. The new UK package uses Regulation 17A, which blocks correspondent banking — bank accounts used to process cross-border payments — and payment services with listed targets. Blockchain analytics firm Elliptic said this is the first known use of the UK measure against crypto exchanges.
UK Foreign Secretary Yvette Cooper said the government is “tracking down and shutting off the financial lifelines” feeding Russia’s war economy. She said there will be “no safe havens” for anyone helping Moscow dodge sanctions. The new sanctions are now in force. GOV.UK
EXMO Exchange, Arvix, Rapira Group, Bitpapa and Aifory are on the official list of crypto and payments-linked entities targeted. Nueva Cryptologia, Huobi Global S.A., Liran Cohen, Kyrgyzstan’s State Brokerage Company and OJSC “Virtual Asset Issuer”—which issues USDKG, a gold-backed stablecoin—also appear. GOV.UK
HTX is the main name on the list. The UK sanctions notice said Huobi Global S.A. is suspected of backing Russia by offering financial services, funds or other resources to A7 Limited Liability Company and Garantex Europe OU. The sanctions order puts an asset freeze in place, with internet services cuts, bans on directors, and restrictions on payment processing.
HTX didn’t concede much. A spokesperson told Reuters the company’s “absolute top priority” is regulatory compliance and that it follows rules in the places it operates. Justin Sun, who calls himself an adviser to HTX, posted on X that the firm is aware of the UK designations and is committed to compliance. Reuters
The Financial Times called the action a UK sanctions case against a crypto exchange linked to Sun. According to the same report, HTX said its operating platform is not impacted because it runs separately from the entity named in the sanctions.
A7 is at the centre of the UK push on Russian money. The UK government has called it a Kremlin-linked network set up to get around sanctions, pay for procurement, and handle oil money. Officials said A7 claimed it moved over $90 billion last year.
Chainalysis said the sanctions focused on 18 crypto exchanges, payment firms and individuals accused of using digital assets to let Russia get around trade restrictions. The A7A5 ruble-backed stablecoin saw $93 billion in trades its first year, according to Chainalysis, with most of that volume running through platforms linked to Russia. Grinex stepped in as the main venue after enforcement earlier targeted Garantex, Chainalysis said.
UK crypto firms face more than just basic sanctions checks. Elliptic said wallet attribution and on-chain tracing are now key, since the rule can apply when a designated exchange shows up anywhere in the transaction chain, not just as the immediate counterparty.
HTX was facing issues in Britain before. Back in February, the Financial Conduct Authority said it started legal action against the exchange, accusing it of illegally promoting cryptoasset services to consumers in the UK. Steve Smart, joint executive director of enforcement and market oversight at the FCA, said this was the first time the regulator had acted against a crypto business for illegal marketing.
London faces the risk that these pathways might just shift elsewhere. Russia’s embassy in London called the sanctions “unlawful and futile” and said Russia has found ways to handle outside pressure. That doesn’t settle the compliance questions for UK companies. But it does hint at the bigger issue: crypto liquidity, smaller exchanges, and stablecoin rails can move a lot quicker than traditional bank accounts can. Reuters
