UK sanctions three crypto exchanges tied to Russian illicit funds

What happened: The UK sanctioned three crypto exchanges and two payment platforms suspected of helping Russian entities evade financial sanctions. Three were linked to Kyrgyzstan and two facilitated transactions with the Kremlin-backed A7 network. Key numbers: A7 claimed to move over $90 billion last year, Why it matters: The Foreign Ministry said cutting off these platforms makes it harder for sanctioned entities to move and access funds. HTX previously argued the May designation applied only to Huobi Global as a separate legal entity, saying its exchange and user funds remain unaffected.

The UK sanctioned three crypto exchanges and two payment platforms suspected of helping Russian entities evade financial sanctions. Three were linked to Kyrgyzstan and two facilitated transactions with the Kremlin-backed A7 network.

The Foreign Ministry said cutting off these platforms makes it harder for sanctioned entities to move and access funds. HTX previously argued the May designation applied only to Huobi Global as a separate legal entity, saying its exchange and user funds remain unaffected.