The UK government has designated Huobi Global S.A., the entity behind crypto exchange HTX, as part of a sweeping sanctions package targeting Russian sanctions-evasion networks. The action, taken on May 26, makes HTX one of the largest crypto exchanges ever directly sanctioned by a Western government.
HTX reported $3.3 trillion in trading volume for 2025, a 39% increase year-over-year.
What the UK is alleging
The sanctions stem from HTX’s alleged provision of financial services to A7 Limited Liability Company, a sanctioned Russian payments network. The UK government also cited connections between HTX and Garantex Europe OU, another entity that has been in regulators’ crosshairs for facilitating illicit Russian financial flows.
The broader package includes 18 new designations. HTX is not alone on the list. EXMO Exchange and Bitpapa, two other crypto platforms, were also targeted alongside various entities linked to Russian sanctions circumvention.
