The European Union has
added cryptocurrency exchange HTX to its latest package of sanctions against
Russia, expanding efforts to restrict financial networks that European
authorities say have helped Moscow bypass existing restrictions.
The package was
adopted yesterday (Thursday) and covers Russian banks, cryptocurrency service
providers, oil traders, the so-called shadow fleet and energy revenues. A list
released on Friday names 18 crypto-related companies that the EU said had
assisted Russian users in evading sanctions imposed over the war in Ukraine.
EU Action Follows Earlier UK Sanctions
The decision follows
similar action by the United Kingdom in May. At that time, British
authorities sanctioned HTX together with 17 other crypto-related businesses,
saying they formed part of financial networks supporting Russia’s economy.
Earlier this month, Finance Magnates reported that one of those firms, EXMO,
started winding down operations after the UK sanctions disrupted access to
custodians and banking partners.
Finance Magnates has reached out to HTX for
comment on the EU sanctions. The company had not responded by the time of
publication.
The European Union has sanctioned crypto exchange HTX over claims it helped Russian users evade sanctions.HTX was included in a list of 18 crypto-related companies targeted in the EU’s latest sanctions package against Russia. pic.twitter.com/LgxJqbU4cB
— Satoshi Club (@esatoshiclub) July 24, 2026
Western Governments Increase Crypto
Sanctions Pressure
Formerly known as
Huobi, HTX was established
in China in 2013 and ranks among the world’s largest cryptocurrency
exchanges. Hong Kong-based entrepreneur Justin Sun acquired a controlling
interest in the company in 2022. Despite that ownership change, HTX continues
to refer to Sun as an “advisor.”
The EU measures are
part of broader efforts by Western governments to tighten enforcement of
sanctions against Russia and reduce the use of digital assets to move funds
outside the traditional financial system.
Sun has also been a
major supporter of World Liberty Financial, the cryptocurrency venture
co-founded by US President Donald Trump and his sons. Reports have indicated
that the relationship between Sun and the project has since weakened.
This article was written by Tareq Sikder at www.financemagnates.com.
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