EU Sanctions Justin Sun’s HTX, Two Months After UK

EU Adds Crypto Exchange HTX to Latest Russia Sanctions Package

The European Union has included HTX, a cryptocurrency exchange associated with Tron founder Justin Sun, in its latest round of sanctions targeting Russia. The exchange was named in the EU’s 21st sanctions package, adopted Thursday, which the bloc described as its largest list of individual designations in four years, comprising 218 entities.

HTX, operating under its parent company Huobi Global SA, is listed in an annex of crypto and financial firms accused by the EU of “significantly frustrating” its measures against Russia. As of August 23, individuals within the EU will be prohibited from conducting transactions with the exchange. However, this listing does not involve asset freezes or a complete designation of the entity. HTX did not immediately respond to a request for comment.

The sanctions package significantly expanded the EU’s crypto-related measures. The bloc extended its transaction ban to 14 crypto service platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. Additionally, four designations were added that are linked to the “A7” cross-border network, citing its new connections to Africa.

For the first time, the EU also signaled the potential for a complete ban on a third country’s crypto services, aiming to deter jurisdictions that host platforms facilitating Moscow’s evasion of restrictions. “We’re hitting over a hundred banks and crypto operators,” stated EU foreign policy chief Kaja Kallas, adding that “With each round of sanctions, we squeeze Russia’s economy and its capacity to prolong its illegal war.”

HTX, formerly known as Huobi and founded in China in 2013, is one of the world’s largest exchanges, having reported over $3 trillion in trading volume in 2025. The United Kingdom sanctioned the exchange in May, marking the first time Britain applied such a measure to an exchange of that magnitude. The UK flagged HTX as suspected of channeling more than $1.5 billion to the Kremlin and accused it of servicing A7, a network whose ruble-pegged stablecoin, A7A5, is reportedly used by Moscow for financial transfers.

The EU’s decision comes two days after blockchain intelligence firm TRM Labs reported that HTX had “rebuilt its on-chain plumbing” since the UK’s action. The firm noted that the exchange was rapidly cycling hot wallets across TRON, Ethereum, BNB Smart Chain, and Solana, at a pace that made address screening difficult. At the time, TRM highlighted that neither Washington nor Brussels had designated the exchange, a gap the EU has now partially addressed.

HTX has refuted these accusations. The exchange told Decrypt that the observed wallet activity was a result of “routine, security-driven platform operations.” Following the UK’s action, HTX asserted that Huobi Global S.A. was “distinct from the online HTX exchange,” and that user funds and operations remained unaffected. However, the UK’s Office of Financial Sanctions Implementation emphasized that Huobi’s ownership of HTX made the exchange subject to its sanctions regime.

Justin Sun, whose U.S. fraud case was settled by the SEC this year for $10 million, was previously a notable supporter of the Trump family’s World Liberty Financial, a relationship that later devolved into legal disputes. Currently, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) has not taken action against HTX, leading to an uneven enforcement landscape across different jurisdictions.