EU Sanctions Crypto Giant HTX Amid Russia Financial Pressure

Crypto exchange HTX, one of the world's largest platforms, has been sanctioned by the European Union as part of its efforts to tighten pressure on Russia's financial system. The sanctions were announced on Thursday and target banks, cryptocurrency networks, oil traders, and Russian energy revenues.

HTX was included in a list of 18 companies providing crypto services that the EU claims helped Russians evade sanctions. The exchange, formerly known as Huobi, was founded in China in 2013 and has a controlling stake held by Hong Kong-based billionaire Justin Sun. In response to its UK sanction earlier this year, HTX stated that regulatory compliance remains its top priority.

The EU's latest sanctions package is the latest sign of countries cracking down on the use of crypto to move funds outside the mainstream financial system. The designation does not amount to a full sanction and does not include an asset freeze.