EU Prohibits Transactions with HTX Amid Sanctions Evasion Allegations

The European Union has officially barred transactions with HTX, an offshore cryptocurrency exchange associated with TRON founder Justin Sun. This action is part of the EU's 21st sanctions package against Russia, which aims to address allegations that HTX has assisted Russian entities in evading international sanctions. Although the sanctions do not freeze HTX's assets, they prevent EU companies and individuals from engaging in transactions with the exchange.

This decision follows the UK's earlier sanctions against Huobi Global S.A., the parent company of HTX, which occurred two months prior. The UK had frozen the company's assets and prohibited British firms from processing payments related to it. Authorities in the UK indicated that Huobi Global had provided services linked to the A7 cross-border payment network, which is believed to have been used by Russia to navigate financial restrictions. The UK also noted that the sanctions applied directly to HTX due to Huobi Global's majority ownership of the exchange.

In addition to targeting HTX, the EU's sanctions package extends transaction bans to 14 other cryptocurrency platforms located outside the EU. It also introduces a mechanism that allows the EU to prohibit transactions with all crypto providers from non-EU countries that are found to be facilitating Russia's efforts to evade sanctions. This move reflects the EU's commitment to tightening financial restrictions on Russia amid ongoing geopolitical tensions.