EU Sanctions Hit Major Crypto Exchange HTX Over Alleged Russian Evasion Help

The European Union has extended its sanctions on Russia to include HTX, a major cryptocurrency exchange. The move targets alleged assistance to Russian sanctions circumvention and affects 18 crypto-asset service providers.

HTX is a larger and more internationally connected platform than many previously associated with evasion cases. Its inclusion raises questions for European users, banks, token issuers, and other exchanges.

The EU's transaction ban provision prohibits operators from engaging in specified dealings with named entities without freezing all of their property. Compliance teams must accurately classify the new restrictions to avoid over- or under-compliance.