UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks Britain applied banking-style sanctions to crypto exchanges for the first time, requiring U.K. financial firms to freeze funds and trace transactions.
What to know: – The UK sanctioned 18 entities, including Huobi (HTX) and a stablecoin issuer, for helping Russia evade restrictions and finance its war in Ukraine. – Britain applied banking-style sanctions to crypto exchanges for the first time, requiring U.K. financial firms to freeze funds and trace transactions. – Sanctions target Russia’s “illicit financial infrastructure,” focusing on the A7 payments network, which officials say moved over $90B for military support
The United Kingdom has imposed sanctions on a group of cryptocurrency exchanges, payment firms and individuals accused of helping Russia evade Western restrictions and finance its war in Ukraine, including crypto exchange Huobi. The sanctions package from the U.K. Foreign, Commonwealth & Development Office targets 18 entities and individuals linked to what officials described as Russia’s “illicit financial infrastructure used to move funds, procure goods, and sustain its war.” Among them are Huobi Global S.A., operator of the HTX exchange, Rapira Group LLC, Aifory LLC, Arvix LLC and Bitpapa IC FZC LLC.
HTX is one of the world’s largest crypto exchanges, with roughly $3.3 trillion in trading volume last year, according to a blog post from blockchain analytics firm Elliptic. Elliptic said the platform is suspected of providing services to both the A7 payments network and Garantex, a Russian crypto exchange previously sanctioned by Western authorities. Garantex rebranded to Grinex earlier in the year and last month halted its operations after a $13 million “state-backed” hack.