Key facts
- The EU has added crypto exchange HTX to its 21st package of Russia sanctions.
- HTX is owned and advised by billionaire Justin Sun.
- The exchange's operator, Huobi Global SA, is accused of frustrating sanctions.
- A transaction ban will be imposed on HTX from August 23.
- The EU listing does not involve an asset freeze for HTX.
The European Union has included HTX, the cryptocurrency exchange associated with billionaire Justin Sun, in its latest round of sanctions against Russia. This marks the EU's 21st sanctions package, which features 218 individual listings, the largest in four years. HTX, listed under its operator Huobi Global SA, is accused of significantly frustrating EU sanctions against Russia. Consequently, a transaction ban will be imposed on the exchange starting August 23, although its assets will not be frozen.
The EU's expanded crypto measures in this package also target 14 other crypto-related service platforms based in various countries, including Georgia, Panama, the UAE, and Belarus. For the first time, the EU has indicated the possibility of a complete ban on third-country crypto services that facilitate Russia's evasion of restrictions. EU foreign policy chief Kaja Kallas stated that these measures aim to squeeze Russia's economy and its ability to continue the war.
HTX, formerly known as Huobi, was founded in China in 2013 and is one of the world's largest exchanges. The UK had previously sanctioned HTX in May, flagging it for allegedly channeling over $1.5 billion to the Kremlin and servicing the 'A7' network, which experts believe Moscow uses for financial transfers. HTX has rejected these accusations, with a blockchain intelligence firm noting recent rapid hot wallet activity across multiple blockchains. The exchange has maintained that its operations remain unaffected and user funds are safe, despite the UK's emphasis on Huobi's ownership of HTX making it subject to sanctions.