UK sanctions three crypto exchanges linked to Russian sanctions evasion
UK targets crypto platforms aiding Russian sanctions evasion
The UK government has sanctioned three cryptocurrency exchanges and two payment processors accused of helping Russian entities bypass international financial sanctions. The Foreign, Commonwealth & Development Office (FCDO) announced the moves on October 9, 2026.
Three of the sanctioned service providers are linked to Kyrgyzstan, while two of them facilitated transactions with the A7 network, a payment system backed by the Kremlin. The UK said cutting off these platforms makes it harder for sanctioned Russian entities to access and move funds.
Key figures in the sanctions
- The A7 financial network claims to have moved more than $90 billion last year, nearly half of Russia’s annual military spending, according to the UK Foreign Ministry.
- Blockchain analytics firm Chainalysis found that payment processors Cryptomus and Heleket received funds from thousands of illicit counterparties, peaking at 900 entities in a single month in late 2025.
- Kyrgyzstani exchange TokenSpot, along with Grinex and Meer, received over $308 million from the same HTX deposit address, Chainalysis determined.
- The A7A5 stablecoin, which is backed by the Russian ruble, processed $110 billion in cumulative onchain transactions leading up to June, according to CertiK.
What the UK government says
The FCDO announced the sanctions, stating that the targeted exchanges and payment platforms were suspected of helping Russian entities circumvent financial sanctions. The UK added that the A7 network claimed responsibility for moving more than $90 billion in the past year.
This is not the first time the UK has targeted cryptocurrency platforms linked to Russia. In May, UK authorities included Huobi Global, the operator of the HTX exchange, in their sanctions package. HTX pushed back at the decision, arguing that the designation applies only to Huobi Global as a separate legal entity and that its online exchange and user funds remain unaffected. Cointelegraph approached TokenSpot, Cryptomus, and Heleket for comment.
Why this matters for crypto and sanctions
The sanctions highlight the growing role of cryptocurrency and digital payment platforms in moving funds for sanctioned Russian entities. Despite Western restrictions, platforms like A7A5 continue to process large transaction volumes. The UK’s actions signal an effort to close loopholes that allow sanctioned actors to use crypto services based in countries like Kyrgyzstan.
What is confirmed
The UK government sanctioned three exchanges and two payment platforms. Chainalysis provided onchain data linking the platforms to illicit activity and to the A7 network. The A7A5 stablecoin’s transaction volume was reported by CertiK. HTX previously responded to its own May sanctions.
What is still unclear
TokenSpot, Cryptomus, and Heleket have not publicly responded to the sanctions. It remains unclear how the sanctioned platforms will continue operating or whether additional measures will follow.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.