The UK has announced a new round of Russia-related sanctions, adding 38 designations that include three crypto trading platforms, two payment platforms, one associated individual and a Moscow bank. The measures were described as targeting entities allegedly involved in helping Russia bypass financial restrictions.
Among the crypto names listed were Cryptomus, Heleket and TokenSpot. The UK identified Cryptomus and Heleket as alternate names of the same entity, Xeltox Enterprises Ltd, also known as Certa Payments Ltd, which is registered in Canada. TokenSpot CJSC was identified as being registered in Kyrgyzstan. The same sanctions package also named Kyrgyz payment platform Tsunami Payments LLC.
Blockchain analytics firm TRM Labs said TokenSpot had transferred more than $950 million to the already sanctioned exchanges Grinex and Garantex, as well as the Kremlin-backed A7 network. TRM also said it assessed in April that Cryptomus and Heleket had operational links, and that Heleket was likely launched as a parallel service for Cryptomus to keep processing funds at scale. In a separate assessment dated Oct. 6, TRM said TokenSpot and Grinex shared wallet infrastructure and were part of the same operation. TRM’s April data also showed that Cryptomus received more than $204 million from on-chain interactions with Garantex and sent out $101 million.
The UK on Oct. 8 announced a new round of Russia-related sanctions, adding 38 designations that include three crypto trading platforms, two payment platforms, one associated individual and a Moscow bank. The stated reason was their alleged role in helping Russia bypass financial sanctions.
Platforms and entities named in the sanctions package
The crypto platforms named were Cryptomus, Heleket and TokenSpot.
According to the designation details, Cryptomus and Heleket were listed as different names used by the same entity, Xeltox Enterprises Ltd. That entity is also known as Certa Payments Ltd and is registered in Canada. TokenSpot CJSC was identified as being registered in Kyrgyzstan.
The same batch of sanctions also included Kyrgyz payment platform Tsunami Payments LLC.
TRM Labs’ on-chain findings
Blockchain analytics firm TRM Labs said TokenSpot transferred more than $950 million to the sanctioned exchanges Grinex and Garantex, as well as the Kremlin-backed A7 network.
TRM said it assessed in April that Cryptomus and Heleket had operational links, and that Heleket was likely a parallel service launched by Cryptomus to continue processing funds at scale.
In another assessment dated Oct. 6, TRM said TokenSpot and Grinex shared wallet infrastructure and were part of the same operation.
TRM’s April data also showed that in on-chain dealings between Cryptomus and Garantex, Cryptomus received more than $204 million and sent out $101 million.
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