The European Union has added crypto exchange HTX to its Russia sanctions list, prohibiting individuals and companies in the bloc from transacting with the platform from Aug. 23, according to the EU’s latest official journal.
The legal text identifies the exchange as “HTX (HUOBI GLOBAL SA).” The EU said HTX, along with other third-country financial institutions and crypto service providers, provided funding channels for Russia and weakened sanctions imposed over the Russia-Ukraine war.
EU ban takes effect on Aug. 23
Once the measure takes effect, businesses in the EU will be barred from any direct or indirect commercial dealings with HTX. Still, Reuters reported that the bloc has not imposed its harshest option, such as a full shutdown or asset freeze.
Eligible citizens and residents of the European Union, the European Economic Area (EEA) and Switzerland may apply for authorization to withdraw funds or close accounts. They must do so within three months after the restrictions come into force.
In response, an HTX spokesperson said: “HTX places a high priority on compliance and actively works with regulators worldwide. We maintain a comprehensive compliance program capable of screening and blocking sanctioned entities, and we remain committed to providing users with a safe, reliable and compliant trading environment.”
Part of the EU’s 21st Russia sanctions package
The step forms part of the EU’s 21st round of sanctions on Russia. When European Commission President Ursula von der Leyen first presented the package in June, she said the measures would cover 20 non-EU entities, including banks, crypto platforms and oil traders accused of helping sanctioned Russian individuals and organizations conduct financial activity. She did not name HTX at that time.
The 21st package, adopted on July 23, added 218 individuals and entities, marking the EU’s largest sanctions expansion in four years. Alongside HTX, EXMO, Rapira and seven other crypto service providers were also included, with all related restrictions set to take effect on Aug. 23.
UK sanctions and TRM Labs allegations
Before the EU action, the UK government said it had reasonable grounds to suspect that Huobi Global S.A. had indirectly supported the Russian government by providing financial services, or funds and other economic resources, to A7 Limited Liability Company, a cross-border payments company linked to Russia.
After being sanctioned by UK authorities, HTX said regulatory compliance remained its “highest priority” and that it follows the laws and rules in all jurisdictions where it operates.
Two days before the EU order was announced, blockchain intelligence firm TRM Labs said HTX had frequently rotated hot wallets and fund addresses across TRON, Ethereum, BNB Chain and Solana after the UK sanctions. TRM said those addresses were often abandoned within hours, leaving systems based on “static sanctions lists” ineffective.
HTX rejected that characterization, saying the fund movements were “routine security maintenance operations commonly seen across the industry” rather than deliberate attempts to avoid scrutiny.
New EU clause targets jurisdictions that tolerate sanctions evasion
The latest package also introduced a new clause aimed at jurisdictions that “systematically and persistently” allow domestic crypto platforms to undermine EU sanctions. Under the measure, the bloc would be able to ban transactions with all crypto service providers in that country. For now, the list of countries subject to that provision remains empty, and no single jurisdiction has been targeted in full.
HTX has not issued further comment on the EU’s latest action. The exchange, formerly known as Huobi, began in China in 2013 and is closely associated with TRON founder Justin Sun, who describes himself publicly as a member of HTX’s Global Advisory Board.