Crypto exchange HTX included in EU's Russia sanctions

• HTX was founded in China in 2013 and is backed by Hong Kong billionaire Justin Sun, who acquired a stake in 2022
• The UK first sanctioned HTX in May 2025, marking the first time such a major crypto exchange faced sanctions, sending shockwaves through the industry
• The EU's sanction does not amount to a full designation with asset freeze, distinguishing it from the UK's more comprehensive measures

Summary

The European Union has sanctioned cryptocurrency exchange HTX as part of its expanded measures targeting Russia's financial system, announced on July 24. HTX, formerly known as Huobi and founded in China in 2013, is among the world's largest crypto platforms and was acquired by Hong Kong-based billionaire Justin Sun in 2022.

Key Details:

HTX was included on a list of 18 companies providing cryptocurrency services that the EU alleges helped Russians evade sanctions. However, the EU's designation does not include a full asset freeze, distinguishing it from earlier UK sanctions imposed in May.

The UK's May action marked the first time such a major cryptocurrency exchange faced sanctions, sending shockwaves through the crypto industry. That designation focused on "shadow financial systems" supporting Russia's war economy.

Company Response:

HTX did not immediately comment on the EU sanctions. Following the UK sanctions, an HTX spokesperson emphasized that "regulatory compliance remains our absolute top priority" and stated the exchange strictly adheres to regulatory frameworks in all operating jurisdictions.

Context:

Justin Sun, described as HTX's "advisor," was previously a prominent backer of World Liberty Financial, the crypto venture co-founded by former U.S. President Donald Trump and his sons, though that relationship has since deteriorated.

Market Implications:

These sanctions represent escalating international efforts to prevent cryptocurrency platforms from facilitating sanctions evasion and operating outside mainstream financial oversight. The coordinated EU-UK action signals increased regulatory scrutiny of major crypto exchanges and their role in geopolitical financial restrictions.