UK Sanctions HTX Exchange for Alleged Support of Russia
- The UK government has sanctioned cryptocurrency exchange HTX, previously known as Huobi Global, due to allegations of supporting the Russian government.
- Authorities cited “reasonable grounds to suspect” that HTX facilitated financial services for Russia through other sanctioned entities like A7 Limited Liability Company and Garantex.
- UK Foreign Secretary Yvette Cooper emphasized that the Kremlin cannot evade sanctions by using crypto networks.
- HTX is headquartered in Panama and has faced legal action from the UK’s Financial Conduct Authority over illegal crypto promotions on social media platforms.
- In April, Russian lawmakers proposed legislation to impose criminal penalties on unlicensed digital asset services and mandate registration with the central bank.
The sanctioning of HTX highlights ongoing efforts by UK authorities to prevent circumvention of sanctions against Russia through cryptocurrency channels. This move aligns with broader regulatory measures aimed at controlling digital asset activities in both the UK and Russia.
As part of this crackdown, HTX’s operations are under scrutiny following allegations of facilitating support for the Russian government amid increasing regulatory pressures globally. (Source)
