- The Council of the European Union has sanctioned Justin Sun-owned cryptocurrency exchanges HTX and Huobi Global S.A. to “further cripple Russia’s economy and war machine.”
- These sanctions specifically target the A7 Network, the entity behind the A7A5 stablecoin, as part of broader restrictions on financial services to Russia.
- Following the sanctions and earlier UK penalties, HTX moved over $1 billion in reserves to an unnamed custodian and has been rapidly changing its wallet addresses to evade tracking systems.
The Council of the European Union has sanctioned Justin Sun-owned cryptocurrency exchanges HTX and Huobi Global S.A., listing them as entities that “significantly frustrate” prohibitions related to Russia’s war economy. This action targets the A7 Network, which is behind the A7A5 stablecoin, according to the official legal document.
These sanctions follow a similar move by the United Kingdom Foreign, Commonwealth, and Development Office, which previously penalized Huobi Global S.A. for providing financial services to Russia. The EU sanctions explicitly list HTX alongside Huobi Global S.A., rejecting an earlier claim by HTX that the entities were distinct.
Consequently, HTX has disclosed that it moved over $1 billion worth of its reserves to an undisclosed third-party custodian. The exchange has not responded to requests for the custodian’s identity, and points to its proof of reserves page for verification.
Meanwhile, blockchain intelligence firm TRM Labs has reported that HTX has been rapidly rotating through wallets to stay ahead of tracking systems. Ari Redbord, global head of policy at TRM Labs, described the behavior as “HTX changing its wallets every few hours to stay a step ahead of screening built on static lists.”
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