Regulation
Bearish
UK sanctions crypto platforms tied to Russian financial networks
Image: CoinGapeOn October 8, the UK announced sanctions targeting three crypto exchanges, two payment platforms and one individual suspected of helping Russia evade international financial restrictions. The designated entities include Xeltox Enterprises, linked to crypto services Cryptomus and Heleket, and Kyrgyzstan-based TokenSpot. Blockchain intelligence firm TRM Labs linked the targeted platforms to Russian financial networks including A7, which claimed to process more than $90 billion in 2025.
Key points
- The UK sanctioned three crypto exchanges, two payment platforms and one individual on October 8.
- Sanctioned entities include Xeltox Enterprises, Cryptomus, Heleket and Kyrgyzstan-based TokenSpot.
- TRM Labs linked the targeted platforms to Russian financial networks including A7.
Why it matters
The sanctions impose asset freezes and restrict UK persons and businesses from transacting with the designated entities. They follow earlier EU sanctions that targeted 14 crypto platforms for similar suspected ties to Russian sanctions evasion.
Sources · 2 publishers
CoinGape
Tier 2
UK Sanctions Crypto Platforms Over Suspected Links to Russian Finance Networks
Coverage timeline
- First reported by Crypto Briefing
- Confirmed by CoinGape
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
