Crypto exchange HTX has dismissed allegations from the U.K. that it supported Russia's "illicit financial infrastructure" in relation to the A7A5 ruble stablecoin, asserting that it turned down a listing request for the token.

U.K. authorities sanctioned HTX, stating there were "reasonable grounds to suspect" the crypto exchange was helping Russia by cooperating with ruble stablecoin A7A5.

By Sam Reynolds|Edited by Sheldon Reback May 27, 2026, 9:58 a.m. 2 min read

Key Points:

  • The U.K. has sanctioned the issuer of the A7A5 stablecoin, alleging HTX may have assisted in the project.
  • HTX and A7A5 executive Oleg Ogienko stated that the exchange rejected A7A5’s application to list the stablecoin, a decision echoed by other exchanges wary of potential secondary sanctions.
  • Ogienko maintained that A7A5 adheres to regulations in Kyrgyzstan, Russia, and guidelines from the FATF.

HTX firmly contests the U.K. government's assertion that it aided in the financing mechanisms for Russia's operations amid the ongoing conflict in Ukraine, emphasizing its refusal of A7A5's listing proposal.

An HTX spokesperson explained to CoinDesk, "A7A5 was attempting to list their stablecoin. However, after a thorough internal due diligence and compliance assessment, their application was explicitly rejected."

The issuer of the A7A5 token, A7 LLC, is already facing sanctions from numerous Western nations.

According to a sanctions note released on Tuesday, the U.K. Foreign Office did not provide direct evidence of any collaboration between HTX and A7A5. The ministry mentioned it had "reasonable grounds to suspect" HTX was aiding A7, which the U.K. claims operates within a sector of strategic importance to the Russian government.

Ogienko stated to CoinDesk, "We approached all the leading CEXes several months ago in an effort to list A7A5, including HTX. However, nearly all of them rejected our application immediately due to fears of secondary sanctions."

He expressed that while HTX's decision not to list the stablecoin is "detrimental to them," A7A5's business model now focuses on decentralized finance (DeFi) frameworks. "We no longer require their listing, but we are open to collaboration with CEXes if they wish to enhance their actual trading volume and attract quality clients," he added.

Earlier this year, in an interview with CoinDesk at the Consensus Hong Kong conference, Ogienko indicated that he was there to engage with various projects and protocols for potential business partnerships.

Ogienko affirmed that A7A5 is fully compliant with regulations in Kyrgyzstan and Russia, as well as the principles established by the Financial Action Task Force (FATF), which addresses global money laundering and the financing of terrorism and proliferation.

"We do not breach any laws," he stated.