UK sanctions three crypto exchanges tied to Russian illicit funds
Summary
The UK sanctioned three cryptocurrency exchanges and two payment platforms suspected of helping Russian entities evade financial restrictions, including services linked to Kyrgyzstan and the Kremlin-backed A7 network. Chainalysis reported that two sanctioned processors received funds from thousands of illicit counterparties, while TokenSpot, Grinex and Meer together received more than $308 million from an HTX deposit address. The A7 network claimed to have moved over $90 billion last year. Despite sanctions, the ruble-backed A7A5 stablecoin had processed $110 billion in cumulative onchain transactions by June, CertiK said.
