Justin Sun’s HTX has been listed on the EU sanctions list for alleged ties to Russia.
The EU has listed HTX, which is connected to Justin Sun, as one of 18 crypto companies accused of helping Russian users evade financial sanctions.
Summary
The EU has listed HTX, which is connected to Justin Sun, as one of the crypto companies accused of helping Russians evade sanctions.
HTX faces trading restrictions, but the EU’s action does not include an asset freeze.
Starting August 25, separate rules will limit Belarus’s ownership of all crypto companies subject to MiCA supervision.
According to Reuters, after the EU adopted the latest restrictions on Thursday, it published the list on Friday, adding another regulatory challenge to one of the world’s largest cryptocurrency exchanges.
HTX, formerly Huobi, did not immediately respond to Reuters' request for comment on the EU action. The exchange was founded in China in 2013, while Sun acquired a controlling stake in 2022, although the company described Tron founder as an adviser.
EU authorities have included crypto companies in the EU's sanctions package (Sanctions Package 21) imposed on Russia over the war in Ukraine. The measures cover banks, crypto networks, oil traders, channels for energy revenue, and ships alleged to be operating within Russia's shadow fleet.
Although Reuters reported that 18 companies providing crypto services appeared on the published list, the EU Council separately said it had expanded the transaction restrictions to 14 companies. These services operate from Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus.
The difference lies in how the measures relate to companies and the platforms they operate on. According to the Council, these 14 services were targeted because EU authorities linked them to financial channels used by Russia to circumvent existing restrictions.
HTX faces transaction restrictions, not an EU asset freeze
According to Reuters, unlike the comprehensive sanctions designations, the EU measures targeting HTX do not require freezing the exchange's assets. Instead, the restriction places HTX within the group of crypto activities covered by the transaction package controls.
The package also provides, for the first time, the EU with a mechanism to prohibit transactions with third-country crypto providers when authorities determine that these services are helping Russia evade sanctions. The Council described the tool as a deterrent to jurisdictions that host such platforms.
HTX has already faced sanctions in the UK. On May 26, UK authorities brought allegations against HTX, targeting the company's headquarters in Panama behind HTX, over its involvement in financial services related to A7 and Garantex—two entities that had previously been sanctioned for links to Russia.
The UK's Foreign, Commonwealth & Development Office alleges that HTX provided services to the payment networks A7 supporting Promsvyazbank, a Russian state-controlled bank, and the Moscow-based crypto exchange Garantex. UK restrictions include asset freezes and a ban for UK companies from handling payments or maintaining financial relationships with designated entities.
In response to the UK action, an HTX spokesperson rejected the claim that the exchange ignored regulatory requirements.
The spokesperson told Reuters: "Regulatory compliance remains our absolute top priority at HTX. We proactively monitor and strictly comply with all jurisdictions in which we operate globally, including the UK regulatory framework."
The exchange has not yet issued a response to the EU restrictions. Its earlier statement only addressed UK allegations and made no comment on the investigation behind the EU-wide package.
In addition to cryptocurrencies, the Council also imposed asset freezes and financing restrictions on 94 banks and major financial institutions. The trading ban was extended to another 33 Russian credit and financial institutions, a Kyrgyz bank linked to Russia's financial information transmission system, and three additional non-Russian banks accused of helping evade sanctions.
EU crypto crackdown now covers ownership and management
The package was passed on July 23 and includes 218 individual listings, covering 48 people and 170 entities. The Council said this is the largest batch of new listings for the group in four years, covering financial services, energy companies, military suppliers, and organisations accused of supporting the evasion of sanctions.
The EU High Representative Kaja Kallas said that the measures cover more than 100 banks and crypto operators and ships associated with more than 40 vessels in Russia's shadow fleet, as well as several refineries in Russia and Belarus. According to Kallas, more than 50 listings relate to Russia's defence and military-industrial sector, including companies involved in the production of long-range drones.
Separate restrictions adopted under Council Decision (CFSP) 2026/1847 will also affect Belarus's participation in the EU's crypto industry. From August 25, Belarus nationals and residents will be prohibited from owning, controlling, or managing crypto-asset service providers regulated under the crypto-asset market framework.
Previously, the restrictions focused on companies providing crypto wallets, accounts and custody services. The revised rules expand the ban to each service category defined under MiCA, including operating trading platforms, exchanging crypto assets, executing customer orders, processing transfers, placing tokens, providing investment advice, and managing investment portfolios.
The Belarus measures took effect on July 24, a day after being announced, although the implementation period for the crypto-asset ownership and management provisions is one month. Previously, MiCA's transitional window ended on July 1, after which unlicensed crypto companies were required to stop operating or face enforcement actions.
These two decisions place foreign crypto platforms and ownership roles inside EU companies subject to regulation under separate sanctions control. HTX is now facing transaction restrictions related to alleged Russian activities, while Belarus nationals and residents will face direct restrictions when participating in MiCA-authorised activities.$BTC
BTC short-term price movement analysis—today's rebound suggests a bullish trend
Short-term pressure level: $65,500 Short-term support level: $62,800
ETH short-term price movement analysis—today's rebound suggests a bullish trend
Short-term pressure level: $1,890 Short-term support level: $1,800
👉 Follow the exact-direction homepage and DM to get it