HTX Denies U.K. Sanction Claims, States It Declined Ruble Stablecoin Listing

HTX, a cryptocurrency exchange, has firmly denied allegations from the U.K. government that it has contributed to Russia's financial operations linked to the A7A5 ruble stablecoin, asserting that it declined a request to list the token.

U.K. Sanctions HTX Over Alleged Support for A7A5

The U.K. authorities imposed sanctions on the issuer of the A7A5 stablecoin and cited reasonable suspicions that HTX assisted in its development. In response, HTX officials, including Oleg Ogienko from A7A5, stated that the exchange had rejected the application for listing the stablecoin, a stance that has also been taken by other exchanges concerned about potential secondary sanctions.

Ogienko emphasized that A7A5 complies with regulations in Kyrgyzstan and Russia, as well as guidelines from the Financial Action Task Force (FATF). He noted the lack of direct evidence from the U.K. Foreign Office to support its claims, which suggested HTX may be aiding an initiative deemed strategically important to Russia.

According to Ogienko, "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 added that while the refusal to list A7A5 is detrimental to HTX, the project is now pivoting towards decentralized finance (DeFi) solutions and does not currently rely on centralized exchanges for listing.

Ogienko reiterated A7A5's commitment to legal compliance, stating, "We do not breach any laws." Earlier this year, he had expressed interest in building partnerships with various crypto projects and protocols during an industry event in Hong Kong.