The European Union has added cryptocurrency exchange HTX to its latest package of sanctions against Russia, expanding efforts to restrict financial networks that European authorities say have helped Moscow bypass existing restrictions.
The package was approved yesterday (Thursday) and covers Russian banks, cryptocurrency service providers, oil traders, the so-called shadow fleet, and energy revenues. The list released on Friday includes the names of 18 cryptocurrency-related companies that the European Union said helped Russian users evade sanctions over the war in Ukraine.
The action taken by the European Union follows sanctions imposed by the United Kingdom earlier
This decision follows a similar action taken by the United Kingdom in May. at that time, British authorities imposed sanctions on HTX along with 17 other cryptocurrency-related companiesSaying they form part of the financial networks that support the Russian economy.
Earlier this month, Finance Magnates reported that one such company, EXMO, began scaling back its operations after UK sanctions disrupted access to custodians and banking partners.
Finance Magnates has contacted HTX for comment on the EU sanctions. The company had not responded at the time of publication.
The European Union has imposed sanctions on cryptocurrency exchange HTX over allegations that it helped Russian users evade sanctions. HTX was included in a list of 18 cryptocurrency-related companies targeted in the latest sanctions package imposed by the European Union against Russia. pic.twitter.com/LgxJqbU4cB
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Western governments increase sanctions pressure on cryptocurrencies
Formerly known as Hopi, HTX was established in China in 2013 It is ranked among the largest cryptocurrency exchanges in the world. Hong Kong-based businessman Justin Sun took a controlling stake in the company in 2022. Despite this ownership change, HTX continues to refer to Sun as an “adviser.”
The EU measures are part of broader efforts by Western governments to tighten sanctions enforcement against Russia and reduce the use of digital assets to move money outside the traditional financial system.
Sun was also a major backer of World Liberty Financial, the cryptocurrency project co-founded by US President Donald Trump and his sons. Reports indicated that the relationship between Sun and the project has weakened since then.
This article was written by Tariq Sikdar at www.financemagnates.com.
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