EU Slaps Sanctions on Crypto Exchange HTX Over Russian Evasion

Crypto exchange HTX has been sanctioned by the European Union as part of its latest efforts to tighten pressure on Russia's financial system. The EU's sanctions package targets banks, cryptocurrency networks, oil traders, and Russian energy revenues in response to Russia's war in Ukraine.

HTX was included in a list of 18 companies providing crypto services that helped Russians evade sanctions. The exchange was founded in China in 2013 and is owned by Hong Kong-based billionaire Justin Sun, who acquired a controlling stake in 2022. HTX did not immediately respond to a request for comment.

The EU's sanctioning of HTX does not amount to a full designation and does not include an asset freeze. This move highlights the increasing scrutiny on crypto exchanges as a conduit for sanctions circumvention. The UK had previously sanctioned HTX in May as part of measures against shadow financial systems supporting Russia.