On May 26, the British government officially imposed sanctions on HUOBI GLOBAL SA — a legal entity believed to be linked to the HTX cryptocurrency exchange, formerly operating under the Huobi Global brand. This move is part of an expanding campaign to prevent networks suspected of assisting Russia in circumventing international financial sanctions through the crypto sector.
According to a statement from the UK, HUOBI GLOBAL SA is accused of providing financial services, Capital, or economic resources to A7 Limited Liability Company. This organization is on a list of entities that Western authorities believe are linked to financial support for Russia amidst ongoing sanctions related to the Ukraine conflict.
Not only cooperatives, but also other financial companies, banks, and crypto trading platforms, including Garantex Europe OU, have been targeted. Observers believe this is one of the toughest moves the UK has ever taken against the digital asset industry, particularly platforms suspected of being involved in cross-border money transfers.
The new sanctions could freeze assets linked to the entity in the UK and prohibit businesses and individuals in the country from conducting financial transactions with blacklisted organizations. This also adds significant pressure to the global operations of cooperatives, at a time when the crypto industry is facing increasingly stringent regulations from international financial regulators.
This latest development further extends the chain of legal troubles that the cooperative has faced in the UK market recently. Previously, in February 2026, the UK Financial Conduct Authority (FCA) initiated legal action against the platform, alleging it illegally promoted crypto services to UK users. The FCA argued that the cooperative had implemented numerous activities promoting digital assets but had not fully met the stringent legal requirements that the country applies to the crypto market.
One of the most prominent figures associated with the cooperative is Justin Sun — the founder of the TRON blockchain and currently a member of the exchange's global advisory board. Although not directly named in the latest sanctions package, Justin Sun has long been a controversial figure in the crypto industry, frequently appearing in investigations, legal disputes, and issues related to the exchange's management.
