Cryptocurrency exchange HTX has expanded its list of restricted jurisdictions to include Russia, a move that allows the platform to limit services, restrict withdrawals, and close affected accounts. The decision aligns with actions taken by other exchanges like Bitget and MEXC, which have also exited the Russian market. HTX’s updated User Agreement now applies restrictions to individuals and companies operating in or from Russia, though the exchange has not specified when these measures took effect or whether Russian accounts have already been suspended.
The policy shift comes amid increasing regulatory pressure, including UK and EU sanctions targeting HTX and its parent entity, Huobi Global SA. The UK government accused Huobi Global SA of being part of a “shadow financial system” that facilitated over $1.5 billion in transactions. The EU later included HTX in its Russia-related sanctions, prohibiting EU entities from engaging in business with the platform.
HTX’s compliance challenges have extended to its relationships with other crypto platforms. In late August, Binance suspended transaction matching and network ties with HTX and ten other service providers, reducing HTX’s access to institutional liquidity. Bitget and MEXC have also announced plans to discontinue services for Russian and Belarusian users, with deadlines set for October 21 and October 20, respectively.
The combined actions highlight the growing regulatory and compliance pressures faced by international crypto exchanges operating in Russia. However, there is no evidence to suggest that these platforms are coordinating a broader market exit.