UK sanctions crypto exchanges over Russia ties

The United Kingdom has imposed significant sanctions on 18 entities, including the major crypto exchange Huobi (HTX) and a stablecoin issuer, for their alleged involvement in helping Russia evade Western restrictions and finance its war in Ukraine. This marks the first time Britain has applied banking-style sanctions to crypto exchanges, compelling U.K. financial firms to freeze funds and trace transactions. The measures target Russia's "illicit financial infrastructure," with a particular focus on the A7 payments network, which officials claim facilitated over $90 billion in transactions last year for military support and procurement. These actions represent a substantial escalation in regulatory oversight of digital asset markets.