UK sanctions Huobi Global S.A. for ties to Russia sanctions-evasion networks

The UK government has designated Huobi Global S.A., the entity behind crypto exchange HTX, as part of a sweeping sanctions package targeting Russian sanctions-evasion networks. The action, taken on May 26, makes HTX one of the largest crypto exchanges ever directly sanctioned by a Western government.

HTX reported $3.3 trillion in trading volume for 2025, a 39% increase year-over-year.

What the UK is alleging

The sanctions stem from HTX’s alleged provision of financial services to A7 Limited Liability Company, a sanctioned Russian payments network. The UK government also cited connections between HTX and Garantex Europe OU, another entity that has been in regulators’ crosshairs for facilitating illicit Russian financial flows.

The broader package includes 18 new designations. HTX is not alone on the list. EXMO Exchange and Bitpapa, two other crypto platforms, were also targeted alongside various entities linked to Russian sanctions circumvention.

It is the first time the UK government has applied Regulation 17A to cryptoasset exchanges. That regulation enables asset freezes and financial restrictions on entities deemed to be facilitating sanctioned activities.

HTX’s complicated history

HTX has had more identities than a spy novel protagonist. The exchange was originally founded in China in 2013 under the name Huobi. It rebranded to HTX under the advisory influence of crypto entrepreneur Justin Sun, who has maintained notable ties to the platform’s operations and direction.

The exchange is currently registered in Panama. HTX’s trading volumes tell the story of a platform that, despite its regulatory troubles, remained a heavyweight. Spot trading volume exceeded $1.9 trillion USDT for 2025, while futures trading reached $1.4 trillion.

What this means for investors

Any UK-based individuals or entities holding assets on HTX, or conducting business with Huobi Global S.A., are now subject to asset freeze restrictions.

Justin Sun’s proximity to HTX adds another layer of uncertainty. Sun has not been personally designated under the sanctions, but his advisory role and public association with the platform means any investor evaluating HTX-adjacent assets or tokens should be factoring reputational and regulatory contagion risk into their analysis.

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