- The UK sanctioned Huobi Global S.A., alleging it helped move funds through a shadow network supporting Russia‘s war economy.
- Analytics firm Global Ledger claims HTX processed billions in high-risk crypto flows, including over $7.6 billion linked to Russian entities.
- HTX contends the sanctions target a separate legal entity and that its exchange operations and user funds remain unaffected.
The UK government has escalated its financial pressure on sanctioned cryptocurrency exchange HTX, alleging its corporate entity, Huobi Global S.A., facilitated significant fund flows to Russia. According to a sanctions package announced on May 26, the platform is accused of helping channel more than $1.5 billion into the Kremlin’s hands through the A7 “shadow” system. Consequently, the Foreign Office targeted 18 designations, including a Kyrgyz bank and the exchange, with asset freezes and bans on financial services.
However, HTX argues the designation applies only to Huobi Global as a separate legal entity. In a Tuesday post on X, the exchange stated its online platform and user funds remain unaffected. Meanwhile, blockchain analytics from Global Ledger, detailed in a report shared with Cointelegraph, claim the exchange processed about $21.06 billion in high-risk crypto flows between 2021 and May 2026. Of that total, at least $7.64 billion was linked to Russian entities and darknet markets like Garantex and Hydra.
The UK’s Financial Conduct Authority also began High Court proceedings in October 2025 against Huobi Global and related individuals. As reported, this action alleges they illegally promoted crypto trading services to UK consumers. HTX maintains its commitment to compliance and cooperation with law enforcement, asserting global operations continue normally.
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