UK sanctions three crypto exchanges tied to Russian illicit funds

The UK sanctioned crypto exchanges and payment processors, some of which were tied to thousands of Russian entities and the sanctioned HTX exchange.

The UK government has sanctioned three cryptocurrency exchanges and two payment platforms suspected of helping Russian entities circumvent financial sanctions.

Three of the service providers were linked to Kyrgyzstan, while two of them facilitated transactions with the Kremlin-backed A7 network, the UK Foreign, Commonwealth & Development Office (FCDO) announced Thursday.

Cutting off these platforms makes it harder for sanctioned entities to move and access funds, the Foreign Ministry said, adding that the A7 financial network claimed to have moved more than $90 billion last year, or nearly half of Russia’s annual military expenditure.

Read more