UK sanctions Huobi Global and HTX over Russia-linked crypto fund flows

The UK government has sanctioned Huobi Global S.A., linked to HTX, for allegedly supporting Russia-connected financial networks, particularly the Kremlin-backed A7 network. The sanctions freeze assets and block British firms from processing payments involving these entities, marking the first use of Regulation 17A on crypto exchanges. This adds to existing UK legal actions against HTX for unlawful crypto promotions. The move intensifies scrutiny on crypto channels suspected of facilitating sanctioned Russian fund movements and includes other entities like Garantex Europe OU.