UK Sanctions Three Crypto Exchanges Over Russia Links
The U.K. has sanctioned three cryptocurrency exchanges and several payment platforms as part of 38 new designations targeting networks suspected of helping Russia evade sanctions.
Update (Oct 9, 10:48 UTC): The UK government sanctioned three cryptocurrency exchanges and two payment platforms, highlighting Kyrgyzstan-linked service providers and transactions involving the A7 network and the HTX exchange.
The United Kingdom has sanctioned three cryptocurrency exchanges and multiple payment platforms as part of a broader package of 38 new designations aimed at financial networks suspected of helping Russia evade financial restrictions, according to CoinDesk.
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The Foreign Office named Xeltox Enterprises—the Canadian-registered company operating the crypto exchanges Cryptomus, Heleket, and Certa Payments—alongside Kyrgyzstan-based TokenSpot. Additionally, payment platforms Processing KG (which operates VexPay) and Tsunami Payments were sanctioned, alongside Processing KG director Ulan Bukabaev.
A7 Network and Stablecoin Scrutiny
British authorities stated that two of the targeted businesses facilitated transactions involving A7, a Kremlin-backed network utilizing the ruble-pegged stablecoin A7A5 to bypass financial restrictions. According to the U.K. government statement, A7 claimed last year to have moved more than $90 billion.
The new measures freeze the designated entities' U.K. assets and bar British financial institutions from processing payments involving several of the firms. The broader package also targets Russian oil producers, shadow-fleet tankers, and suppliers linked to missile and drone production.
Broader Regulatory Crackdown
The U.K. previously sanctioned several other crypto exchanges in May, including Huobi and HTX, as well as Grinex and Garantex. Subsequently, the United States targeted companies and executives associated with the A7 token and exchanges. Meanwhile, the European Union deployed its twenty-first sanction package against Russia in July, targeting 14 crypto companies alongside cross-border network A7.
Key facts
- The U.K. sanctioned three cryptocurrency exchanges and several payment platforms as part of 38 new designations.
- Targeted entities include Xeltox Enterprises (Cryptomus, Heleket, Certa Payments) and TokenSpot.
- Payment platforms Processing KG (VexPay) and Tsunami Payments were also designated.
- Two businesses are accused of facilitating transactions for the Kremlin-backed A7 network and its A7A5 stablecoin.
- Assets held by the named entities in the U.K. are frozen.
Source: coindesk.com
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