UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks
Britain applied banking-style sanctions to crypto exchanges for the first time, requiring U.K. financial firms to freeze funds and trace transactions.
AI Summary
The UK has sanctioned 18 entities including the Huobi crypto exchange and a ruble stablecoin issuer for allegedly helping Russia evade Western restrictions and finance its war in Ukraine. This marks the first time Britain has applied banking-style sanctions to crypto exchanges, requiring UK financial firms to freeze funds and trace transactions. The sanctions target Russia's "illicit financial infrastructure," with officials claiming the A7 payments network alone moved over $90 billion for military support.