Summary

  • The European Union has added HTX, the cryptocurrency exchange founded and advised by billionaire Justin Sun, to its latest sanctions against Russia.
  • HTX appears under its parent company, Huobi Global SA, in an EU list of firms deemed to significantly undermine its sanctions against Russia, resulting in a transaction prohibition effective from August 23, but without an asset freeze.
  • This decision follows the UK's earlier designation of HTX in May, which the exchange disputes, asserting that there is no evidence supporting such sanctions.

The European Union has officially included HTX, the cryptocurrency platform associated with billionaire Justin Sun, in its recent sanctions targeting Russia.

HTX was named in the EU's 21st sanctions package, which was adopted on Thursday and represents the EU's most extensive set of individual listings in four years, totaling 218 entries. HTX is listed under its operator, Huobi Global SA, in an annex of crypto and financial firms accused of "significantly frustrating" the EU's efforts against Russia.

Starting August 23, EU citizens will be prohibited from engaging in transactions with HTX, although this designation does not entail an asset freeze or a complete sanction. HTX has not yet provided a response to inquiries regarding this matter.

I welcome the agreement on the 21st sanctions package against Russia.

As Ukraine gains military ground, our sanctions continue to diminish the economic underpinnings of Russia's war efforts.

We are adding 32 additional Russian banks to our transaction ban list.

As well…

— Ursula von der Leyen (@vonderleyen) July 23, 2026

Expanded Crypto Measures

This sanctions package has significantly broadened the EU's measures concerning cryptocurrencies. It has extended transaction bans to 14 crypto service providers located in countries such as Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan, and Belarus, and has included four designations linked to the "A7" cross-border network, noting its new connections to Africa.

For the first time, the EU has also suggested the potential for a total ban on crypto services from a third nation, positioning it as a deterrent against jurisdictions that host platforms aiding Moscow in evading sanctions. "We are targeting over a hundred banks and crypto operators," stated EU foreign policy chief Kaja Kallas, adding that, “With each new round of sanctions, we tighten the squeeze on Russia’s economy and its ability to sustain its illegal war.”

HTX, previously known as Huobi and established in China in 2013, ranks among the largest exchanges globally, reporting over $3 trillion in trading volume for 2025. The UK imposed sanctions on HTX in May, marking the first time the UK has applied such measures to an exchange of this magnitude, alleging it has funneled over $1.5 billion to the Kremlin and accused it of servicing A7, which is linked to a ruble-pegged stablecoin A7A5 that experts claim is used by Moscow for financial transactions.

HTX Responds to Allegations

The EU's designation comes just two days after blockchain intelligence firm TRM Labs reported that HTX had "restructured its on-chain activities" since the UK's sanctions, rapidly changing hot wallets across TRON, Ethereum, BNB Smart Chain, and Solana, making it difficult for address monitoring to keep up. At that time, TRM pointed out that neither the U.S. nor the EU had sanctioned the exchange, a situation that the EU has now partially addressed.