EU sanctions HTX exchange as 14 crypto platforms face Russia ban

The European Union added HTX, the crypto exchange advised by Tron founder Justin Sun, to its 21st Russia sanctions package, barring EU operators from transacting with the platform from Aug. 23.

"We're hitting over a hundred banks and crypto operators," Kaja Kallas, the EU's foreign policy chief, said in a statement. "With each round of sanctions, we squeeze Russia's economy and its capacity to prolong its illegal war."

HTX is among 14 crypto-service providers the EU accused of significantly frustrating its Russia measures, the European Council said Thursday in its largest batch of individual listings in four years at 218. The UK sanctioned HTX in May, the first time Britain applied the measure to an exchange of that scale, flagging it as suspected of channeling more than $1.5 billion to the Kremlin. HTX, founded in China in 2013 and now one of the world's largest exchanges by volume, reported more than $3 trillion in trading volume in 2025. The EU package also added four designations tied to the A7 cross-border network, citing its new links to Africa, and extended the transaction ban to platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus.

The listing increases the compliance burden on HTX and may push regulated financial firms to cut ties with the exchange. The EU also raised the possibility of imposing a full ban on a third country's crypto services, a move aimed at deterring jurisdictions that host platforms helping Moscow evade restrictions.

UK Action Opened the Door

The EU measure follows a UK sanction imposed on HTX in May as part of a package targeting what British authorities described as shadow financial systems supporting Russia's war economy. After the UK action, blockchain intelligence firm TRM Labs said HTX had "rebuilt its on-chain plumbing," cycling hot wallets across TRON, Ethereum, BNB Smart Chain and Solana fast enough that address screening "cannot keep pace."

HTX has rejected the accusations, telling Decrypt the wallet activity reflected "routine, security-driven platform operations." After the UK action, HTX claimed that Huobi Global S.A. was "distinct from the online HTX exchange," though the UK's Office of Financial Sanctions Implementation emphasized that Huobi's ownership of HTX makes the exchange subject to its sanctions regime.

What the EU Ban Means for HTX Users

The EU action does not amount to a full designation of HTX and does not include an asset freeze, but it subjects the exchange to a transaction ban — EU operators are barred from transacting with it. The practical effect will depend on guidance from European authorities and the response of companies that provide HTX with payments, custody, technology and market liquidity. Sun, who acquired a controlling interest in HTX in 2022, was a prominent backer of World Liberty Financial, the crypto venture co-founded by US President Donald Trump and his sons, though that relationship has since deteriorated. The measure may also encourage other exchanges to strengthen controls designed to identify Russian customers and sanctioned entities.

This article is for informational purposes only and does not constitute investment advice.