- The UK has sanctioned crypto exchange HTX, citing its suspected support for Russia‘s government via financial services.
- This action is part of a broader UK crackdown on entities, including other sanctioned firms, allegedly helping Russia evade sanctions.
- HTX states it strictly adheres to global regulatory frameworks, while Russia moves to potentially criminalize unlicensed crypto services.
- The exchange has also faced previous legal action from the UK’s Financial Conduct Authority for illegal crypto promotions.
The UK government has sanctioned the cryptocurrency exchange HTX, formerly known as Huobi Global, over allegations it supports Russia’s government. UK authorities made this move on Tuesday, citing reasonable grounds to suspect the Panama-headquartered firm provided financial services through other sanctioned entities.
Consequently, HTX was named as part of a crackdown on networks exploited for sanctions evasion. “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” stated UK Foreign Secretary Yvette Cooper.
However, an HTX spokesperson asserted that regulatory compliance is its top priority. “We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK,” the representative told Cointelegraph.
This is not the exchange’s first regulatory challenge in the UK. Previously, the UK’s Financial Conduct Authority opened legal proceedings against HTX for illegal crypto promotions on major social media platforms.
Meanwhile, Russia faces extensive international sanctions over its military actions in Ukraine. The European Commission recently announced a new package of crypto-related sanctions targeting specific stablecoins and digital asset operators.
In a related domestic development, Russian lawmakers advanced legislation in April that could impose criminal penalties for unlicensed digital asset services. These proposals would also mandate registration with the country’s central bank and reinforce the prohibition on crypto payments.
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