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HTX has rejected allegations tied to the UK’s sanctions designation of Huobi Global S.A., after blockchain analytics firm Global Ledger said the exchange processed at least $7.64 billion in Russia-linked high-risk flows from 2021 through May 2026.
The dispute puts HTX inside a growing sanctions fight over Russia’s use of crypto exchanges, shadow payment networks and stablecoin liquidity.
Global Ledger Flags $7.64B Russia-Linked Flows
Global Ledger said HTX processed $21.06 billion in high-risk BTC, ETH and Tron-based USDT flows between 2021 and May 2026. Of that total, the firm said at least $7.64 billion was linked to Russian high-risk entities, including Garantex, Grinex, A7A5 and darknet markets.
Global Ledger identified Garantex as HTX’s largest such counterparty at $6.16 billion. It also flagged exposure to Huione Group, Nobitex, Hezbollah-linked addresses and Lazarus-linked wallets. Those figures are Global Ledger’s findings, not formal UK government totals.
UK Links Huobi Global S.A. to A7 and Garantex
The UK designated Huobi Global S.A. on May 26 under its Russia sanctions regime.
In the official listing, the British government said it had reasonable grounds to suspect the entity supported Russia by providing financial services, funds, economic resources, goods or technology to A7 Limited Liability Company and Garantex Europe OU. Both entities were described as operating in Russia’s financial services sector.
Payment and Internet Restrictions Now Apply
The UK restrictions are broad. They include an asset freeze, trust services sanctions, director disqualification sanctions, internet services sanctions, and correspondent banking and payment-processing restrictions.
That means UK financial institutions are barred from maintaining correspondent banking relationships with the designated entity or processing payments to, from or through it. The wider UK package targets what London described as a crypto-enabled shadow financial system supporting Russia’s war economy.
HTX Says Customer Platform is Separate
HTX said the sanction applies only to Huobi Global S.A. and not to the online exchange currently used by customers. The platform said Huobi Global S.A. is a separate legal entity, that global operations remain unaffected and that user funds are safe.
HTX also said the designation was made without prior notice or supporting evidence being presented directly to the company. It said Huobi Global S.A. would engage with UK authorities to clarify the basis for the action.
HTX’s stated defense centers on corporate separation. But the designation adds pressure as the exchange tries to reassure users and counterparties that its operating platform is distinct from the entity named by the UK.
