Switch to seedless. Get 30% off with SWITCH30 till Oct 26UK targets crypto exchanges in Russian sanctions crackdown
4.3 Regulation The UK imposed new sanctions on crypto exchanges and payment platforms suspected of helping Russia evade financial restrictions, targeting entities linked to the A7 network and freezing assets.
The United Kingdom announced a new package of sanctions on October 8, targeting cryptocurrency exchanges, payment platforms, and individuals suspected of aiding Russia in evading international financial restrictions. The measures introduce 38 new designations, focusing on three crypto exchanges, two payment service providers, and one individual. Several of the targeted businesses operate out of Kyrgyzstan. Among those sanctioned are Xeltox Enterprises, associated with Cryptomus and Heleket, as well as TokenSpot, Processing KG, and Tsunami Payments. Ulan Bukabaev, director of Processing KG, is also included. Authorities believe some of these platforms processed transactions involving the A7 network, a Russian-backed financial entity reportedly handling over $90 billion in 2025. The sanctions include asset freezes and restrictions on financial transactions, aiming to disrupt networks supporting Russia and limit access to international payment systems. These actions align with similar measures by the EU and US, reflecting ongoing efforts to curb Russia's ability to bypass sanctions through cryptocurrency and alternative financial channels.
