The UK has just imposed sanctions on a major crypto exchange, accusing it of "supporting the Russian government".
Specifically, the UK added Huobi Global SA (now renamed HTX) to its sanctions list . According to the UK government's announcement, they believe there are "reasonable grounds" to suspect that Huobi Global SA benefited from or supported the Russian government by providing financial services, or supplying/coordinating funds, economic resources, goods, or technology to A7 LLC – a business operating in a sector XEM strategically important to Russia.
Besides Huobi/HTX, the UK also named Garantex Europe OU. This move is part of a broader crackdown targeting crypto exchanges, banks, and organizations allegedly involved in circumventing Russian sanctions. According to Elliptic , this is also the first time the UK has applied Regulation 17A to sanction crypto exchanges, with other names including Aifory Pro and Arvix LLC.
The cooperative had previously faced legal trouble in the UK. In February, the Financial Conduct Authority (FCA) announced it had initiated legal proceedings, accusing the cooperative of posting illegal financial promotional content on its website and various social media platforms such as TikTok, X, Facebook, Instagram, and YouTube.
Within the cooperative ecosystem, Justin Sun is a member of the global advisory board. A cooperative representative stated that Huobi Global SA is a separate legal entity from the cooperative, emphasizing that regulatory compliance is always a top priority and that they "actively monitor and strictly adhere" to legal frameworks in all operating markets, including the UK.
The article "Britain sanctions cooperative exchange for alleged support of Russia" first appeared on CoinMoi .
