EU Adds HTX to Crypto Blacklist, Gains Power to Cut Off Entire Countries

The European Union has added HTX, formerly known as Huobi, to its crypto blacklist and given itself the power to cut off entire countries from the global financial system.

This move is part of the EU's 21st Russia sanctions package, which was adopted on July 23. The package includes a transaction ban that takes effect on August 23, prohibiting EU-regulated banks, payment firms, and crypto service providers from dealing with HTX and other listed platforms.

The bigger move is the new power to cut off crypto services from entire countries if their platforms help Russia work around EU restrictions. This mechanism lets Brussels put pressure on jurisdictions that allow Russian sanctions evasion networks to operate.

HTX is not alone on the list, which includes 13 other platforms, including Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode, EXMO, A7 Nigeria, A7 Africa, and PilotFinance.

The clock is running: August 23 is just around the corner, and EU-regulated firms must stop processing transactions involving these platforms by then. The impact could be significant for traders using HTX to move between crypto and euro-denominated rails.