EU Slaps Sanctions on Crypto Exchange HTX Amid Russia Invasion

The European Union has added HTX to its Russia sanctions regime, prohibiting people and companies in the bloc from transacting with the platform starting August 23. The EU identified HTX among third-country financial institutions and crypto service providers that were frustrating restrictions imposed over Russia's invasion of Ukraine.

The restriction takes effect on Aug. 23, but does not impose an asset freeze. Under applicable rules, EU operators will be barred from engaging directly or indirectly in transactions with HTX.

A new provision allows the EU to prohibit transactions with crypto service providers established in a country that has 'systematically and persistently' failed to stop platforms from undermining the bloc's sanctions. The accompanying annex naming countries subject to this restriction is currently empty, meaning the EU has established the mechanism without yet applying it to an entire jurisdiction.