The United Kingdom has announced financial sanctions against cryptocurrency exchange HTX, set to take effect in June 2026. The government accuses HTX, alongside A7 Limited Liability Company and Garantex — already under sanctions — of reinforcing Russia's financial infrastructure and helping Moscow circumvent the bite of international economic pressure. UK Foreign Secretary Yvette Cooper warned that the Kremlin makes a grave mistake if it thinks it can evade sanctions using crypto networks and the shadow financial system.
HTX Comes Under FCA Scrutiny
HTX was already in the crosshairs of the UK's Financial Conduct Authority (FCA). In 2025, the regulator launched legal proceedings against the exchange for running unapproved cryptocurrency promotions on social media platforms including TikTok, X, Facebook, Instagram, and YouTube. The FCA, which oversees crypto asset transactions, advertisements, licensing, and investor protection, found the content in violation of local marketing rules.
EU and UK Coordinate Tighter Crypto Controls
Since Russia's military intervention in Ukraine, the European Union and other Western nations have imposed sweeping economic sanctions. Russian businesses and state entities were alleged to have used crypto networks and exchanges to bypass restrictions. In April 2024, the European Commission introduced a new sanctions package targeting Belarus-linked digital asset operators and stablecoins. That June, the UK added HTX, Garantex, and A7 to its sanctions list, imposing an asset freeze and a ban on financial services.
Russia Advances Domestic Crypto Legislation
Under external pressure, Russia is also reshaping its internal crypto regime. In April 2024, the State Duma passed draft laws in the first reading that impose criminal penalties for unauthorized digital asset services. The reforms would empower authorities to crack down on crypto platforms that lack central bank registration and to restrict individual investors' activities. Parliamentary committees are drafting updates to redefine registration requirements for digital asset service providers and reset investment limits for retail users. The central bank's push for tighter oversight aims to prevent Russia from being further isolated from the global financial system.
Western regulators now view detecting and monitoring crypto transfers as a top international security priority, and more measures are expected to hit the sector.