UK Targets HTX Affiliate as Report Flags $7.6B Suspicious Crypto Flows
The UK sanctioned 18 entities connected to the “A7” network, while blockchain analytics firms Global Ledger and TRM Labs reported billions of dollars in Russia-linked crypto flows involving HTX. The sanctions include asset freezes and restrictions on British firms processing related transactions. HTX Denies Russia Sanctions Claims HTX pushed back against allegations tied to a new UK sanctions package after the British government accused affiliate Huobi Global S.A. of helping facilitate billions of dollars in transactions linked to Russias shadow financial network. The dispute started after the UK Foreign, Commonwealth and Development Office (FCDO) sanctions against 18 entities allegedly connected to the “” network, which authorities claim has been used to help Russia evade financial restrictions imposed following the war in Ukraine. According to the UK government, there are “reasonable grounds to suspect” that Huobi Global S.A. provided financial services to A7 Limited Liability Company and Europe OU, both of which were included in the sanctions package. The move is one of the biggest enforcement actions yet targeting a cryptocurrency-related entity in connection with Russia sanctions evasion. HTX quickly by distancing itself from the sanctioned entity. In a statement that was shared on X, the exchange argued that its operating platform functions independently from