EU Bans Transactions with Crypto Exchange HTX Amid Sanctions Concerns

The European Union has added crypto exchange HTX (Huobi Global SA) to its sanctions list, banning all transactions between EU entities and HTX starting August 23. This move is part of the EU's 21st sanctions package targeting entities allegedly helping Russia evade financial restrictions.

The ban affects 14 crypto platforms, including HTX, accused of undermining sanctions related to Russia's invasion of Ukraine. The sanctions stop short of freezing assets, giving affected users three months to withdraw funds or close accounts.

HTX has been involved in controversy before, particularly when it rotated its hot wallets every few hours and moved $1.3 billion following UK sanctions. This tactic complicates traditional sanction screening methods.