EU Slaps Sanctions on Justin Sun-Backed Crypto Exchange HTX
The European Union has added HTX, the crypto exchange owned and advised by billionaire Tron founder Justin Sun, to its latest round of Russia sanctions. The EU's 21st package of sanctions targets 218 individuals and entities, including 32 Russian banks and 14 crypto-related service platforms based in various countries.
HTX was listed under its operator, Huobi Global SA, as a firm that 'significantly frustrates' the EU's Russia sanctions. This designation triggers a transaction ban from August 23, but does not freeze HTX's assets or amount to a full designation.
The move follows the UK's May designation of HTX, which accused the exchange of channeling more than $1.5 billion to the Kremlin and servicing the 'A7' cross-border network.
HTX has rejected these accusations, saying its wallet activity is part of routine security-driven platform operations. The exchange claims that Huobi Global S.A. is distinct from HTX, with user funds safe and operations unaffected.