EU Targets Crypto Exchange HTX in Russia Sanctions Push

HTX, formerly known as Huobi, was included alongside 17 other firms providing crypto services. While the exchange has not issued an immediate response to the designation, the move follows a similar action taken by the United Kingdom in May. Unlike the British measure, the current EU sanction does not involve a full asset freeze or a total ban on operations, though it signals a tightening regulatory grip on global crypto platforms.

Controlling interest in the platform is held by Hong Kong-based billionaire Justin Sun, who acquired the exchange in 2022. Sun, who previously served as an advisor to the firm, has faced increasing scrutiny over his business ties, including his involvement with World Liberty Financial, a venture co-founded by Donald Trump. Previously, HTX representatives maintained that the company adheres strictly to global regulatory frameworks, yet Western authorities remain focused on the potential for such platforms to facilitate capital flight outside of mainstream banking channels. This decision reflects a broader trend of international regulators targeting the intersection of digital assets and state-sponsored financial evasion.