Key facts
- UK sanctioned three crypto exchanges and two payment platforms for suspected links to Russian illicit finance.
- The A7 financial network, linked to some sanctioned platforms, reportedly moved over $90 billion last year.
- Two sanctioned payment processors, Cryptomus and Heleket, received funds from thousands of illicit counterparties, per Chainalysis.
- TokenSpot, a sanctioned Kyrgyzstani exchange, received over $308 million from an HTX deposit address.
- HTX operator Huobi Global was sanctioned by the UK in May, though the exchange stated its operations remain unaffected.
The UK government has imposed sanctions on three cryptocurrency exchanges and two payment platforms, alleging they facilitated Russian entities' efforts to bypass financial sanctions. The Foreign, Commonwealth & Development Office (FCDO) announced Thursday that three of the targeted service providers are linked to Kyrgyzstan, while two have facilitated transactions with the Kremlin-backed A7 network.
The FCDO stated that these actions aim to hinder sanctioned entities' ability to move and access funds. The A7 financial network claimed to have processed over $90 billion in transactions last year, representing nearly half of Russia's annual military expenditure.
According to blockchain analytics firm Chainalysis, two of the sanctioned payment processors, Cryptomus and Heleket, handled funds from thousands of illicit counterparties, with a peak of 900 entities in a single month in late 2025. TokenSpot, a sanctioned exchange based in Kyrgyzstan, was also identified as being connected to the A7 network. Chainalysis determined that TokenSpot, along with Grinex and Meer, collectively received over $308 million originating from the same HTX deposit address.
In May, UK authorities had already included Huobi Global, the operator of the crypto exchange HTX, in their sanctions list. HTX, however, contested the designation, asserting that it applied only to Huobi Global as a distinct legal entity and that its exchange operations and user funds remained unaffected.
Meanwhile, the Russian ruble-backed A7A5 stablecoin has processed a cumulative $110 billion in on-chain transactions up to June, continuing its growth despite Western sanctions, according to data from CertiK.