The United Kingdom has sanctioned HTX, the cryptocurrency exchange founded by Justin Sun, accusing it of providing financial support to individuals and entities in the Russian financial sector.
British authorities say HTX serviced A7, a Russian exchange linked to a ruble-pegged stablecoin used to bypass international sanctions. Foreign Secretary Yvette Cooper warned that the Kremlin cannot hide behind crypto networks to evade sanctions.
The sanctions are sweeping: UK institutions are now banned from any financial relationship with HTX, and must freeze any transactions that have passed through the exchange. Blockchain analytics firm Elliptic says the move effectively requires all registered UK crypto firms to freeze funds tied to HTX.
HTX has not commented. The exchange previously restricted access for new UK customers after British regulators launched enforcement action over illegal promotions.
Justin Sun, meanwhile, is embroiled in litigation with the Trump family's crypto venture, World Liberty Financial, after previously settling a fraud case with the SEC.