HTX Rejects UK Sanctions as Report Cites $7.6B Russia Flows

HTX rejected allegations tied to the United Kingdom’s decision to blacklist Huobi Global S.A., while a blockchain analytics firm reported the exchange handled roughly $7.64 billion in Russia-linked cryptocurrency flows between 2021 and May 2026.

On May 26 the UK added Huobi Global S.A., the Panamanian entity behind the platform, to a sanctions list in a package that targets networks the government described as “crypto and illicit finance networks” used to channel funds into Russia’s war economy. The package named 18 entities for asset freezes and bans on the provision of financial services and identified an A7 shadow system among the channels used to move funds.

Blockchain analytics firm Global Ledger reported that HTX processed about $21.06 billion in transfers it classifies as “high-risk” from 2021 through May 2026. The firm identified roughly $7.64 billion of those flows as linked to Russian high-risk actors and darknet markets. Its tracing covered Bitcoin, Ether and Tether on the Tron network.

Global Ledger identified counterparties and services involved in those flows, including Garantex and its successor Grinex, A7A5, the now-defunct Hydra marketplace, and other darknet sites. The firm also flagged movements involving Huione Group, Nobitex, actors linked to Hezbollah and addresses associated with the North Korea-linked Lazarus group.

UK officials estimate the exchange helped move about $1.5 billion back into Russia, a figure the government cited in announcing the designation. The larger totals from Global Ledger reflect a broader, multi-year set of onchain flows that the firm classifies as high risk.

HTX posted on X that the UK designation applies only to Huobi Global S.A. as a separate legal entity, and that its online exchange and customer funds are unaffected. The company said global operations are running normally, emphasized cooperation with law enforcement and rejected the broader allegations against the platform.

The UK’s Financial Conduct Authority opened High Court proceedings in October 2025 against Huobi Global and individuals identified as controllers of the platform, alleging illegal promotion of crypto trading services to UK consumers in breach of financial promotion rules. HTX continues to dispute those claims while stating it is protecting customer assets.

The sanctions impose UK asset freezes and bans on financial services for the listed entities. Investigations and legal actions by UK authorities are ongoing and further regulatory measures remain possible as officials review the crypto flows and the companies named in the designation.