The UK government said Thursday it has imposed sanctions on three crypto-related entities, alleging they helped Russia evade Western sanctions. The sanctioned parties are Xeltox Enterprises, which operates the Cryptomus, Heleket and Certa Payments exchanges; TokenSpot in Kyrgyzstan; and Processing KG, a payments platform that runs VexPay and Tsunami Payments. According to a UK government statement, two of the sanctioned companies processed or facilitated transactions tied to A7, a Russia-backed stablecoin network that issues the ruble-pegged token A7A5. The government said the network was allegedly used to bypass restrictions on Russia’s financial sector and handled more than $90 billion in transactions last year. The move marks the UK’s second sanctions action this year against crypto exchanges accused of assisting Russia. In May, the UK sanctioned several exchanges, including Huobi and HTX. The development was reported by CoinDesk and carried by Techub.
The UK government said Thursday it had sanctioned three crypto-related entities, alleging they helped Russia evade Western sanctions.
The sanctioned parties are Xeltox Enterprises, which operates the Cryptomus, Heleket and Certa Payments exchanges; TokenSpot in Kyrgyzstan; and Processing KG, a payments platform that runs VexPay and Tsunami Payments.
UK statement cites A7 stablecoin network
In its statement, the UK government said two of the sanctioned companies processed or facilitated transactions involving A7, a Russia-backed stablecoin network. The network issues A7A5, a ruble-pegged stablecoin that was allegedly used to bypass sanctions on Russia’s financial sector.
The UK government said A7 handled more than $90 billion in transactions last year.
Second UK action this year
This is the UK’s second sanctions action this year against crypto exchanges accused of assisting Russia. In May, it sanctioned several exchanges, including Huobi and HTX.
The development was reported by CoinDesk and republished by Techub.
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