EU Sanctions Crypto Platforms Aiding Russia, Including Justin Sun-owned HTX

The European Union (EU) has widened its sanctions targeting Russia by banning Justin Sun-owned HTX and 13 other crypto platforms. The platforms span multiple countries, including the United Arab Emirates (UAE), Panama, Georgia, the Marshall Islands, Kyrgyzstan, and Belarus.

According to the EU Council, these platforms have acted as conduits for blocked Russian entities to move funds and bypass existing sanctions. The transaction ban prohibits EU persons and firms from doing business with these crypto platforms.

In particular, Justin Sun-owned HTX's appearance on the sanctioned list is noteworthy. The exchange was banned by the U.K in May. To counter possible freezing of funds, HTX moved its reserves to an unknown third party and has been switching hot wallets, making it difficult to conduct sanction screening.