EU Sanctions Crypto Exchange HTX Over Alleged Support for Russia
The European Union has sanctioned cryptocurrency exchange HTX as part of its efforts to restrict financial networks supporting Russia's war in Ukraine. The EU added HTX to a list of 14 companies providing cryptocurrency services that helped Russian users bypass sanctions.
HTX, formerly known as Huobi, was founded in China in 2013 and acquired by Hong Kong-based billionaire Justin Sun in 2022. Although the exchange describes Sun as an advisor, his involvement may keep HTX under scrutiny.
The EU sanction does not include a complete asset freeze, but it bars EU operators from transacting with HTX, increasing the compliance burden on the exchange and its users.
The sanction follows a similar move by the UK in May, which targeted HTX for allegedly supporting Russia's war economy. The EU measure adds another major jurisdiction to the regulatory pressure facing HTX, which may struggle to maintain relationships with regulated financial companies.