EU Sanctions Justin Sun's HTX Crypto Exchange Amid Russian Financial Crackdown
Justin Sun's HTX crypto exchange has been included in the EU's latest sanctions package against Russia. The move aims to cut off financial networks suspected of helping Russia evade sanctions, according to an announcement on Thursday.
The EU listed 18 crypto service providers, including HTX, which was previously known as Huobi, under its Russian sanctions package. HTX is one of the world's largest crypto exchanges and was established in China in 2013. The exchange is owned by Hong Kong billionaire Justin Sun, who took control of it in 2022.
This is not the first time HTX has faced sanctions. In May, the UK imposed similar sanctions against the exchange under its shadow financial systems involved in Russia's war economy. However, unlike the UK sanctions, the EU's action does not amount to a full designation and lacks a ban on freezing HTX's assets.
HTX responded to the UK sanctions by stating that it was compliant with regulations. The exchange has called Justin Sun an adviser, despite his controlling stake in the company.