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ZEC $1,143 UK sanctions three crypto exchanges over suspected Russian finance links
The Oct. 8 package targets three exchanges, two payment platforms and one individual, with some named targets tied to the A7 network.
Key takeaways
- Three exchanges targeted. The UK package covers three cryptocurrency exchanges, two payment platforms and one individual.
- A7 claimed $90 billion. The Foreign Office said A7 claimed to have moved more than $90 billion during 2025.
- The EU listed 14. The EU broadened transaction restrictions to 14 cryptocurrency platforms in 6 jurisdictions.
What happened
The United Kingdom sanctioned three cryptocurrency exchanges, two payment platforms and one individual on Oct. 8. The measures sit inside a package of 38 designations. The Foreign, Commonwealth & Development Office announced them and said it suspected the targeted financial businesses were helping Russia bypass sanctions.
The named targets include Xeltox Enterprises, which is linked to the crypto services Cryptomus and Heleket, alongside TokenSpot, Processing KG and Tsunami Payments. Processing KG director Ulan Bukabaev is the individual on the list. The Foreign Office said three of the targeted platforms had links to Kyrgyzstan.
The department said two of the platforms had processed or facilitated transactions with A7, a financial network it described as Kremlin-backed. In the United States, Treasury sanctioned A7 on Oct. 1, while FinCEN proposed separate restrictions on related transfers. The department said OFAC designated the network as a transnational criminal organization, and Treasury said the designation blocks A7 property within the United States or held by U.S. persons.
Why it matters
The sanctions mechanism includes asset freezes and limits on financial transactions between UK persons and businesses and designated entities. OFSI guidance says asset freezes prohibit dealings with covered funds and economic resources, subject to applicable exemptions or licences, and it explicitly includes cryptoassets in the assets covered by financial sanctions.
British sanctions apply to people and businesses operating within UK territory, as well as UK nationals and companies established under British law wherever they operate. The Foreign Office said A7 claimed to have moved more than $90 billion during 2025.
Background
The UK had already acted against Russia-linked crypto and financial businesses. On May 26, crypto.news reported UK sanctions against businesses registered in the United Arab Emirates, Georgia and Kyrgyzstan. Those restrictions included asset freezes and prohibitions on British businesses processing payments or maintaining correspondent banking relationships involving designated entities.
The European Union adopted its 21st sanctions package against Russia on July 23. That round added 218 designations and broadened transaction restrictions to 14 cryptocurrency platforms in six jurisdictions: Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus. HTX, BitPapa, EXMO, Rapira, A7 Africa and A7 Nigeria were among the platforms hit. The EU also enacted a legal instrument allowing a more general restriction on crypto services in third countries relevant to sanctions circumvention.
What is still unclear
- The reports do not say whether any licences or exemptions have been granted for the designated platforms.
- The reports name several targets in the Oct. 8 package but do not identify all 38 designations.
- The reports do not say which two of the platforms handled the A7-related transactions.
Questions readers ask
Which crypto platforms did the UK sanction?
The targets include Xeltox Enterprises, which is linked to Cryptomus and Heleket, alongside TokenSpot, Processing KG and Tsunami Payments. Processing KG director Ulan Bukabaev was also sanctioned. The Foreign Office said three of the targeted platforms had links to Kyrgyzstan.
What is A7?
A7 is a financial network that the Foreign Office described as Kremlin-backed. The department said two of the platforms had processed or facilitated transactions with it, and that A7 claimed to have moved more than $90 billion during 2025. U.S. Treasury sanctioned A7 on Oct. 1.
Do UK sanctions cover cryptoassets?
Yes. OFSI guidance explicitly includes cryptoassets within the assets covered by financial sanctions, and says asset freezes prohibit dealings with covered funds and economic resources subject to exemptions or licences.
What did the EU's July sanctions package cover?
The EU adopted its 21st sanctions package against Russia on July 23, adding 218 designations and extending transaction restrictions to 14 cryptocurrency platforms across six jurisdictions.
