Sanctioned crypto exchange HTX is pushing back against the United Kingdom’s decision to blacklist Huobi Global S.A., the Panamanian company behind the platform, over allegations it helped Russia move money through a shadow “A7” network.
In its latest Russia sanctions package on May 26, the UK accused Huobi Global of providing financial services and economic resources to entities already under restrictions for supporting Moscow’s war economy.
The government said it was targeting “crypto and illicit finance networks” exploited by Russia, including the Kremlin-backed A7 “shadow” system that helps channel funds into the country’s war economy.
The sanctions and new blockchain analysis highlight growing Western concern that Russian-linked actors continue to use major crypto platforms to move funds despite sweeping restrictions imposed since Moscow’s invasion of Ukraine.
The package of 18 designations targets A7-linked infrastructure, including a Kyrgyz bank and what the Foreign Office described as “a major global cryptocurrency exchange” suspected of funnelling more than $1.5 billion back into the Kremlin’s hands, subjecting them to UK asset freezes and bans on the provision of financial services.
UK sanctions include Huobi Global. Source: UK government.
In a Tuesday post on X, HTX argued the designation applies only to Huobi Global as a separate legal entity and said its online exchange and user funds remain unaffected. However, a new blockchain analytics report shared with Cointelegraph Wednesday claims the platform processed billions of dollars tied to Russian counterparties and darknet markets.
UK pressure mounts on HTX
Global Ledger said the exchange processed about $21.06 billion in “high-risk” crypto flows between 2021 and May 2026. Of that total, at least $7.64 billion was linked to Russian high-risk entities and darknet markets, including Garantex, its successor Grinex, A7A5 and the now-defunct Hydra marketplace, alongside other sites such as Kraken darknet and Mega darknet.
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The report also flagged sizeable flows involving Huione Group, Nobitex, Hezbollah and North Korea-linked Lazarus, suggesting HTX’s exposure may extend beyond Russia.
UK officials on Tuesday said HTX helped move about $1.5 billion back to Russia’s coffers, according to Bloomberg, a fraction of the more than $7.6 billion in Russia-linked flows estimated by Global Ledger, based on multi-year onchain tracing of Bitcoin, Ether and Tether on Tron.
HTX processed funds linked to high-risk entities. Source: Global Ledger
The UK’s Financial Conduct Authority has also been tightening the screws on HTX. It began High Court proceedings in October 2025 against Huobi Global and individuals said to control it, alleging they illegally promoted crypto trading services to UK consumers in breach of the country’s strict financial promotion rules.
HTX has rejected the UK’s allegations, saying the designation targets a separate legal entity and stressing its commitment to full compliance and cooperation with law enforcement agencies.
The exchange said global operations are running normally and that user funds remain safe, while Global Ledger’s analysis argued that sanctioned Russian networks have continued to tap liquidity on major centralized exchanges despite mounting restrictions.
Cointelegraph reached out to both HTX and Global Ledger for further comment on the report and the UK measures, but did not receive responses by publication.
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