HTX Sanctioned After $21 Billion in Crypto Flows to Russian Entities

- UK regulators bar HTX after identifying $21 billion in risky transactions, including $7.6 billion tied to Russian capital - HTX remains operational globally despite UK sanctions and growing international scrutiny On May 27, 2026, CoinDesk reported that UK regulators sanctioned HTX (formerly Huobi Global), a leading cryptocurrency exchange linked to Justin Sun, after uncovering its role in facilitating more than $21 billion in high-risk fund transfers. According to CoinDesk on May 27, 2026, at least $7.6 billion of that total was associated with Russian entities allegedly evading international sanctions. As a result of the action, authorities barred UK citizens and local businesses from using HTX, cut the exchange’s access to the UK financial system, and targeted its connections to Russian capital as part of a widening crackdown on crypto-enabled sanctions evasion. UK officials reportedly imposed the sanctions following extensive on-chain analysis. Investigators found HTX centrally involved in large-scale Bitcoin, Ethereum, and Tether transfers between May 2021 and May 2026, and the exchange allegedly operated as a hub for risky movements via the TRON network. In addition, HTX regularly interacted with sanctioned venues including Garantex, Grinex, and Huione Group. Financial Times and CoinDesk both reported that more than $7.6 billion of these transfers were directly linked to Russian networks engaged in laundering and bypassing Western restrictions. Regulators therefore cited HTX’s integration with the TRON ecosystem and its repeated dealings with high-risk entities as core reasons for the blacklisting. Meanwhile, despite being barred from the UK market, HTX continues to operate globally and reportedly processes more than $1.1 billion in daily trading volume. The exchange denies any wrongdoing; however, it remains under heightened international scrutiny as authorities intensify oversight of crypto platforms’ roles in facilitating illicit financial flows and sanctions evasion.