FINANCE

U.K. Sanctions Crypto Exchange HTX Over Alleged Links to Russian Financial Networks

Published: May. 27, 2026 6:23 p.m. GMT+8

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(London) — The U.K. government has sanctioned HTX, one of the world’s largest crypto exchanges, formerly known as Huobi.

The move stems from a Tuesday notice in which the U.K. government said there were reasonable grounds to suspect that Huobi Global SA, the entity behind HTX, had provided financial services or made available economic resources to A7 LLC, which operates in a sector of “strategic significance” to the Russian government.

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UK sanctioned crypto exchange HTX (formerly Huobi) for suspected financial services to A7 LLC, a network bypassing Western sanctions and processing Russian oil revenues, moving over $90 billion in 2024.
Measures include asset freezes and payment restrictions, marking the first time the UK applied such crypto exchange sanctions against Russia.
HTX, with $3.3 trillion in 2024 trading volume, was among 18 entities sanctioned; UK also cited links to Garantex Europe OU.

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Who’s Who

HTX: HTX, formerly known as Huobi, is a major crypto exchange sanctioned by the U.K. for allegedly providing financial services to entities linked to Russia, bypassing sanctions. The measures include asset freezes and payment restrictions. HTX recorded $3.3 trillion in trading volume last year.

Garantex Europe OU: Garantex Europe OU is a crypto entity cited in a U.K. government sanctions notice for operating in a sector of "strategic significance" to Russia. It has links to HTX, a major crypto exchange sanctioned by the U.K. for allegedly bypassing Western sanctions and processing Russian oil revenues.

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What Happened When

2025：: HTX moved more than $90 billion and recorded $3.3 trillion in trading volume.

2026：: U.K. government imposed measures on HTX including asset freezes and restrictions on payment processing, banking services, and internet services, barring U.K. institutions from dealing with designated entities.

2026 (Tuesday notice)：: U.K. government sanctioned HTX, citing reasonable grounds to suspect Huobi Global SA provided financial services to A7 LLC, which operates in a sector of 'strategic significance' to Russia.

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