The UK government added cryptocurrency exchange HTX to its Russia-related sanctions list. This step is intended to prevent Russia from circumventing the economic sanctions imposed by the United Kingdom through cryptocurrencies. The reason why Panama-based HTX was included in the list was that there was a reasonable suspicion that it supported the Russian government with financial services.
Sanction Move from England to Crypto Exchanges
British authorities announced that, in addition to HTX, A7 Limited Liability Company and Garantex, which were previously subject to sanctions, were also used to strengthen Russia’s financial system. It was claimed that the services provided through these companies attempted to reduce the impact of international economic pressure on Russia. It was emphasized that HTX played a role especially in financial transfers.
British Foreign Secretary Yvette Cooper said: “The Kremlin is making a big mistake if it thinks it can evade sanctions by hiding in crypto networks and shadow financial systems.”
It is known that HTX was previously regulated by the Financial Conduct Authority (FCA) in the United Kingdom. FCA initiated legal proceedings on the grounds that the company made unauthorized crypto promotions on social media platforms in 2025. Some of HTX’s content on channels such as TikTok, X, Facebook, Instagram and YouTube were examined for violating the country’s marketing rules.
Mini glossary: The FCA (Financial Conduct Authority) is the independent body that oversees financial markets and companies in the UK. It is especially responsible for ensuring cryptocurrency-related transactions, promotions, licenses and investor protection.
Digital Asset Sanctions Against Russia Expand
After its military intervention in Ukraine, Russia faced many economic sanctions both from European Union countries and globally. During this process, allegations that the Russian business world and the state were trying to circumvent international regulations by using cryptocurrency networks and companies came to the fore. In April, the European Commission announced a package that included new restrictions on some digital asset operators and stablecoins affiliated with Belarus.
| Country/Institution | Restriction Date | Targeted Digital Entity/Organization | Featured Sanction |
|---|---|---|---|
| United Kingdom | June 2024 | HTX (Huobi), Garantex, A7 | Financial services bans, asset freezes |
| European Commission | April 2024 | Digital asset operators, stablecoins | Limitation on stablecoin transactions, new compliance obligations |
New Legal Regulations for Crypto are on the Way in Russia
In April, bills were approved in the first session of the Russian parliament to impose criminal sanctions against unauthorized digital asset-related services. Accordingly, harsh measures may be taken against digital asset platforms that do not have a central bank registration in the country. It is also planned to restrict individual investors from trading in crypto assets. These regulations will re-create the framework of digital payments and transfers for both companies and citizens.
With new legislative proposals, existing bans on crypto payments are also strengthened. It is considered that the Central Bank of Russia’s increased control over the digital asset market is a step to prevent the country from being excluded from the international financial system.
The new regulations being worked on in parliamentary committees will reshape both the registration of companies providing digital asset services and the investment limits of individual users.
Overcoming Sanctions with Cryptocurrencies is on the Agenda
While the digital asset market brings to the fore new methods used by governments to circumvent international sanctions regimes, Western countries and regulatory institutions are further tightening control mechanisms in this area. Detecting and monitoring financial transfers through cryptocurrencies requires new measures in terms of international security.
