Breaking: EU Targets Justin Sun’s HTX & Other Crypto Exchanges Under New Russian Sanctions

Justin Sun’s HTX crypto exchange has been included in the latest EU sanctions against Russia. The restriction come in an attempt to cut financial networks suspected of helping Russia evade sanctions. The measures were announced on Thursday and the list of affected entities is now public on Friday.

EU Lists Justin Sun’s HTX Under Russian Sanctions Package

HTX, which was previously known as Huobi, is one of the 18 crypto service providers that the EU has named in its Russian sanctions package. The companies helped Russian users to evade the sanctions, EU officials said. The newest one is geared for banks, oil traders, Russia’s shadow fleet, crypto networks, and energy revenue channels associated with the nation’s warfare in Ukraine.

For context, HTX is one of the world’s biggest crypto exchanges, which was established in China in 2013. The exchange is owned by Hong Kong billionaire Justin Sun, who took control of the company in 2022.

It is the latest action following similar sanctions against HTX imposed by the United Kingdom months ago. Earlier, London listed the exchange under the May sanctions package targeting shadow financial systems involved in Russia’s war economy. It was believed to be one of the first significant actions taken against a prominent global crypto exchange at the time.

However, unlike the UK sanctions against HTX earlier move, the EU’s action does not amount to a full designation. It also lacks a ban on the freezing of HTX’s assets.

A Look AT HTX’s Stance On The Matter

An HTX spokesperson responded to the UK sanctions, stating that it was compliant with the regulations. The spokesperson stated that “Regulatory compliance remains our absolute top priority at HTX. We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK,” according to Reuters report.

Despite his controlling stake in the exchange, HTX has called Justin Sun an adviser. Now, the market is awaiting how the exchange will tackle this issue in EU as crypto crackdown deepened as the MiCA deadline got over earlierMiCA deadline this month.