The European Union sanctioned cryptocurrency exchange HTX on Thursday as part of its latest Russia sanctions package, joining 17 other crypto firms accused of helping Moscow evade financial restrictions. The move comes two months after the UK imposed similar measures against HTX and related entities in May. The EU package targets Russian banks, oil traders, and crypto service providers that authorities claim have enabled Russia to circumvent sanctions imposed over the Ukraine war.
HTX, formerly Huobi and established in China in 2013, is one of the world’s largest crypto exchanges. Hong Kong entrepreneur Justin Sun acquired controlling interest in 2022 though the company describes him only as an advisor. The sanctions reflect escalating Western efforts to close crypto-based sanctions evasion routes. EXMO, another firm sanctioned by the UK, has already begun winding down operations after losing access to custodians and banking partners. HTX has not yet responded to requests for comment.
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FXnCO Insight
** Traders using HTX should immediately assess exposure and prepare contingency plans as sanctions enforcement typically cascades through banking and custody relationships, potentially disrupting fund access.
Source: Finance Magnates