The United Kingdom has announced new sanctions against several crypto exchanges and financial firms accused of helping Russia get around Western restrictions related to the war in Ukraine. One of the companies named is Huobi, also called HTX.
British authorities said the sanctions target what they call Russia’s “illicit financial infrastructure.” The measures affect 18 entities and individuals accused of helping move funds, process payments, and support procurement operations linked to Russia.
Besides Huobi, the sanctions also target several payment firms and companies connected to the A7 payments network and other crypto infrastructure. Blockchain analytics firm Elliptic said some of these services are suspected of supporting the previously sanctioned Russian exchange Garantex.
For the first time, the UK has applied Regulation 17A of its Russia sanctions regime directly to crypto exchanges. Before this, the rule was mainly used against sanctioned banks and financial institutions.
With these new restrictions, UK-based financial firms and crypto companies may now have to trace blockchain transactions linked to sanctioned entities, even if they pass through several layers or wallet transfers.
This move shows how regulators are bringing traditional financial sanctions into the digital asset industry. Analysts think other countries may watch the UK’s approach closely as governments try to tighten oversight of crypto activity linked to sanctions evasion.
UK Sanctions Crypto Exchanges for First Time Under Russia Regime
The UK government on May 26 sanctioned several crypto-related firms, including Bitpapa IC FZC LLC, Exmo Exchange Limited, Aifory LLC and Rapira Group LLC, accusing them of providing financial services, funds or… pic.twitter.com/JIspHzaCXu
— Wu Blockchain (@WuBlockchain) May 26, 2026
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