<ul>
 <li>The UK government has issued sanctions against Justin Sun’s HTX exchange for laundering $1.5 billion for Russia.</li>
 <li>The UK says that HTX has been working with a Kyrgyzstan bank to channel funds back to the Kremlin, evading sanctions enforced by Europe and the US.</li>
</ul>
HTX exchange, formerly known as Huobi and owned by TRON founder Justin Sun, has been sanctioned by the UK government for allegedly helping Russia evade sanctions and move $1.5 billion.
The UK Foreign Commonwealth and Development Office <a href="https://search-uk-sanctions-list.service.gov.uk/designations/RUS3619/Entity" rel="noopener noreferrer nofollow">updated</a> its sanctions list, adding 18 entities that it says have been aiding Russian entities to circumvent sanctions issued by the UK, the European Union, the US and their allies.
In a statement, the Office stated:
<blockquote>
 “…there are reasonable grounds to suspect that HUOBI GLOBAL SA is or has been involved in obtaining a benefit from or supporting the Government of Russia by providing financial services, or making available funds, economic resources, goods or technology, to a person, namely A7 LIMITED LIABILITY COMPANY, which is carrying on business in a sector of strategic significance to the Government of Russia.”
</blockquote>
According to the UK government, A7 is a network of financial services that Russia has been using to process over $90 billion obtained from the sale of oil. Since it attacked Ukraine in 2022, Russia has been sanctioned by most global powers, limiting its ability to sell its oil, which accounts for 60% of the country’s exports.
Crypto has become one of the channels that Russia has capitalized on to work around these sanctions. As we <a href="https://ethnews.com/five-exchanges-linked-to-russia-sanctions-evasion/" rel="noopener noreferrer nofollow">reported</a> in February, a study named five exchanges that Russia had used to move money, with one allegedly processing $11 billion.
<h2 id="strong-htx-denies-russian-links-strong">HTX Denies Russian Links</h2>
The UK alleges that HTX and other crypto exchanges have been colluding with a bank based in Kyrgyzstan to move the funds. It stated:
<blockquote>
 “This gang is using a Kyrgyz bank suspected of facilitating payments for the network, alongside a major global cryptocurrency exchange that we suspect has channeled over $1.5 billion back into the Kremlin’s hands.”
</blockquote>
HTX denied the links, stating that complying with regulators is “an absolute priority” for the exchange.
“We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK,” it added in a statement to media outlets.
HTX also denied the direct link between it and Huobi Global SA, stating:
<blockquote>
 “While Huobi Global S.A. will work with relevant UK authorities to understand the basis for the action and to address any concerns promptly, the designation does not and should not have any impact on the online HTX exchange.”
</blockquote>
It added that UK customers should not be affected and can keep transacting on HTX exchange.
Sun is listed as an advisor to HTX, although some reports have revealed that he is behind the group that owns the exchange. Never one to shy away from the spotlight, he has been caught up in a dispute with Donald Trump’s World Liberty Financial, which he has sued for freezing his WLFI tokens. Earlier this month, World Liberty <a href="https://www.theguardian.com/technology/2026/may/04/trump-world-liberty-financial-lawsuit-justin-sun" rel="noopener noreferrer nofollow">countersued</a> him for defamation.
The post <a href="https://ethnews.com/uk-blacklists-justin-suns-htx-exchange-for-1-5b-russian-sanction-evasions/" rel="noopener noreferrer nofollow">UK Blacklists Justin Sun’s HTX Exchange for $1.5B Russian Sanction Evasions</a> appeared first on <a href="https://ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

UK Blacklists Justin Sun’s HTX Exchange for $1.5B Russian Sanction Evasions

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