The European Union has named crypto exchange HTX in its 21st sanctions package against Russia, barring people and companies in the bloc from transacting with the platform from Aug. 23. The measure stops short of an asset freeze, and the bloc has separately built a mechanism to restrict crypto platforms by the country they are established in.
The European Union will bar people and companies in the bloc from transacting with crypto exchange HTX starting Aug. 23. The bloc identified "HTX (HUOBI GLOBAL SA)" among third-country financial institutions and crypto service providers that it said were significantly frustrating restrictions imposed over Russia's invasion of Ukraine, according to a regulation published in its Official Journal.
What the transaction ban covers
EU operators will be barred from engaging directly or indirectly in transactions with the exchange, but the measure stops short of a full designation or asset freeze, Reuters reported. Eligible EU, European Economic Area and Swiss nationals and residents may seek authorization to withdraw funds or close accounts, and they must apply within three months of the ban taking effect.
The legal document's wording also cuts against what the exchange said earlier this year. After the United Kingdom sanctioned Huobi Global S.A. in May, an HTX spokesperson said Huobi Global S.A. was distinct from HTX.
The largest batch of listings in four years
Ursula von der Leyen, president of the European Commission, first announced the package in June and said it would extend to 20 non-EU entities, including banks, crypto platforms and oil traders that have been servicing sanctioned Russian entities and individuals, without naming HTX at the time.
Adopted on July 23, the package designated 218 individuals and entities, the largest batch of listings in four years. The Council said it added four designations tied to the A7 network and extended its transaction ban to 14 crypto-related service platforms. Other platforms listed alongside HTX include EXMO, Rapira, BitPapa, Aifory Pro, WhiteBird, NoOnecrypto and Exnode, whose restrictions also start on Aug. 23.
Wallet rotation and a country-level trigger
Two days before the EU acted, blockchain intelligence firm TRM Labs alleged that HTX had been rotating hot wallets and funding addresses across TRON, Ethereum, BNB Smart Chain and Solana following the UK sanctions. TRM said the addresses were rotated and retired within hours, making screening systems built around static sanctions lists less effective. HTX rejected that characterization, telling The Block the wallet movements reflected "routine, security-driven platform operations common across the industry."
The package reaches beyond individual exchanges. A new provision lets the EU prohibit transactions with crypto service providers established in a country that repeatedly fails to stop platforms from undermining the bloc's sanctions, and the annex naming those countries is currently empty.
Source: The Block
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