The United Kingdom has added the crypto exchange HTX to its Russia sanctions list over suspected links to sanctions evasion networks. Major platforms including Binance and OKX have responded by increasing scrutiny on related transfers. HTX has rejected the allegations and stated that the sanctioned entity is separate from its online operations.
The U.K. government designated Huobi Global S.A., the operator of HTX, as part of measures targeting entities accused of assisting Russian financial activities. British authorities cited reasonable grounds to suspect the exchange provided services connected to Garantex and the A7 network, which issues the ruble-pegged A7A5 stablecoin. The Foreign Office said the A7 network channeled an estimated $1.5 billion back into Russia through a Kyrgyz bank and a major cryptocurrency exchange. It added that the network claimed to have moved more than $90 billion last year, roughly half of Russia's annual military expenditure.
