EU Adds HTX to Russia Sanctions Two Months After UK's Action Against Crypto Networks

The European Union has added cryptocurrency exchange HTX to its latest package of sanctions against Russia, expanding efforts to restrict financial networks that European authorities say have helped Moscow bypass existing restrictions.

The package was adopted yesterday (Thursday) and covers Russian banks, cryptocurrency service providers, oil traders, the so-called shadow fleet and energy revenues. A list released on Friday names 18 crypto-related companies that the EU said had assisted Russian users in evading sanctions imposed over the war in Ukraine.

EU Action Follows Earlier UK Sanctions

The decision follows similar action by the United Kingdom in May. At that time, British authorities sanctioned HTX together with 17 other crypto-related businesses, saying they formed part of financial networks supporting Russia's economy.

Earlier this month, Finance Magnates reported that one of those firms, EXMO, started winding down operations after the UK sanctions disrupted access to custodians and banking partners.

Finance Magnates has reached out to HTX for comment on the EU sanctions. The company had not responded by the time of publication.

The European Union has sanctioned crypto exchange HTX over claims it helped Russian users evade sanctions.HTX was included in a list of 18 crypto-related companies targeted in the EU’s latest sanctions package against Russia. pic.twitter.com/LgxJqbU4cB

Western Governments Increase Crypto Sanctions Pressure

Formerly known as Huobi, HTX was established in China in 2013 and ranks among the world's largest cryptocurrency exchanges. Hong Kong-based entrepreneur Justin Sun acquired a controlling interest in the company in 2022. Despite that ownership change, HTX continues to refer to Sun as an "advisor."

The EU measures are part of broader efforts by Western governments to tighten enforcement of sanctions against Russia and reduce the use of digital assets to move funds outside the traditional financial system.

Sun has also been a major supporter of World Liberty Financial, the cryptocurrency venture co-founded by US President Donald Trump and his sons. Reports have indicated that the relationship between Sun and the project has since weakened.