The United Kingdom has sanctioned crypto exchange HTX, alleging ties to Russian sanctions evasion networks and illicit financial activity. The UK government added HTX to its Russia sanctions list, citing “reasonable grounds to suspect” it provided financial services to sanctioned entities like Garantex and the A7 network, which issues the ruble-pegged A7A5 stablecoin. The A7 network is accused of channeling an estimated $1.5 billion back to Russia via a Kyrgyz bank and a major crypto exchange, and claimed to have moved over $90 billion last year. As a result, UK financial institutions face restrictions on dealings with HTX, and UK-registered crypto firms must freeze funds connected to designated entities. Major exchanges including Binance, OKX, Bybit, and Bitget have warned users about enhanced compliance checks for HTX-related transfers. HTX denies the allegations, stating that the sanctioned entity Huobi Global S.A. is distinct from its online exchange and that it rejected a listing application for the A7A5 stablecoin.

Key facts

• UK sanctions HTX over alleged ties to Russian sanctions evasion and illicit finance.
• HTX accused of aiding Garantex and A7 network, which issued ruble-pegged A7A5 stablecoin.
• A7 network alleged to have funneled $1.5 billion to Russia via Kyrgyz bank and major crypto exchange.
• UK financial institutions barred from business with HTX; crypto firms must freeze linked funds.
• Binance, OKX, Bybit, Bitget warn users of extra checks on HTX-related transactions.