UK slaps sanctions on three crypto exchanges over alleged Russia links
In this news:
Key takeaways
- The UK sanctioned three crypto exchanges and several payment platforms over Russia links.
- Targeted entities include Xeltox Enterprises and TokenSpot.
- Authorities claim the businesses facilitated transactions involving a Kremlin-backed stablecoin network.
The U.K. sanctioned three cryptocurrency exchanges on Thursday as part of a package that includes 38 new designations aimed at financial networks it suspects are helping Russia evade sanctions.
The Foreign Office named Xeltox Enterprises, the Canadian-registered company behind crypto exchanges Cryptomus, Heleket and Certa Payments, as well as Kyrgyzstan-based TokenSpot. It also sanctioned payment platforms Processing KG, which operates VexPay, and Tsunami Payments, as well as Ulan Bukabaev, a director of Processing KG.
Stablecoin network links
The government said two of the targeted businesses had processed or facilitated transactions involving A7, a Kremlin-backed network that operates ruble-pegged stablecoin A7A5 it says is used to bypass sanctions on Russia’s financial sector. A7 claimed last year to have moved more than $90 billion, according to the U.K. government statement.
The U.K. sanctioned several other crypto exchanges in May, accusing them of helping Russia evade Western sanctions. Among those crypto exchanges were Huobi and HTX.
Prior regulatory scrutiny
The new action extends scrutiny beyond the exchanges already linked to the network behind A7A5. British authorities previously sanctioned Grinex and Garantex, while the U.S. later targeted the companies and executives behind the token and the exchanges. Blockchain-data firms have disputed how much A7A5 activity is actually occurring.
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