Several major cryptocurrency exchanges warned users this week that transfers involving HTX could face additional compliance checks after the United Kingdom sanctioned the exchange for alleged links to Russian financial networks.
The UK government added HTX to its Russia sanctions list as part of a broader package targeting entities accused of assisting sanctions evasion and illicit financial activities linked to Moscow.
British authorities said they had “reasonable grounds to suspect” that HTX provided financial services connected to sanctioned entities, including the Garantex crypto exchange and the A7 network, whose A7 LLC issues the ruble-pegged A7A5 stablecoin.
The Foreign Ministry said the A7 network had used a Kyrgyz bank and a major cryptocurrency exchange to funnel about $1.5 billion back to Russia. The A7 network claimed to have moved more than $90 billion last year, the Foreign Ministry said, about half of Russia’s annual military spending.
The designation carries immediate practical consequences. UK financial institutions are now prohibited from doing business with the exchange and may face penalties for interacting with crypto transactions passing through it.
UK-registered virtual asset service providers are legally required to freeze funds connected to designated entities, blockchain analytics firm Elliptic said, with sanctions extending to restrictions on correspondent banking relationships and payments involving HTX.
Following the announcement, exchanges such as Binance, OKX, Bybit and Bitget issued notices warning users of increased scrutiny linked to HTX-related transactions.
Bitget said it updated its sanctions detection systems and warned that transactions involving sanctioned entities or linked addresses could face rejection, restrictions or account termination.
Meanwhile, Binance said that transactions involving HTX “may be subject to additional compliance reviews” as part of its sanctions checks.
OKX separately warned users who previously participated in arbitrage trades between HTX and OKX that continued transfers between the platforms after the sanctions could trigger additional scrutiny on their accounts.
Bybit also warned that deposits or withdrawals involving HTX-linked addresses may face additional anti-money laundering and risk monitoring controls.
“Users are advised to avoid using HTX-related addresses when interacting with Bybit and ensure that all account activities comply with local laws and platform policies,” Bybit wrote.
HTX rejected the UK’s claims that it helped Russia’s financial infrastructure, and even said it had rejected a listing request for the A7A5 stablecoin.
“To clarify, the listed entity, Huobi Global SA, is distinct from the HTX online exchange,” the company said. “While Huobi Global SA will work with the relevant UK authorities to understand the rationale for the action and address any concerns promptly, the designation does not and should not have any impact on online HTX trading.”
