The UK government sanctioned HTX, formerly known as Huobi, over suspicions the crypto exchange supported the Russian government. The exchange, owned by billionaire Justin Sun, allegedly provided financial services to two Kremlin-backed entities: the A7 crypto network and Moscow-based Garantex exchange, both previously sanctioned by U.S. authorities.

The measure forms part of a broader UK crackdown on Russian illicit finance networks used to fund Vladimir Putin's war effort in Ukraine. "If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks," Foreign Secretary Yvette Cooper stated, "it is gravely mistaken." Sun, who became the largest buyer of Trump's $TRUMP memecoin, hasn't commented on the sanctions.

Founded in China, HTX processes over $3 trillion in crypto transactions annually, making it one of the world's largest trading platforms. The sanctions spotlight Sun's business connections, particularly his role as a backer of the Trump family's cryptocurrency ventures. The exchange now faces significant regulatory pressure in key Western markets.