UK Sanctions Crypto Exchanges for First Time Under Russia…

The UK government on May 26 sanctioned several crypto-related firms for the first time under its Russia sanctions regime, targeting Bitpapa IC FZC LLC, Exmo Exchange Limited, Aifory LLC, and Rapira Group LLC. The four firms were accused of providing financial services, funds, or economic resources to A7 Limited Liability Company, a designated entity in the UK's Russia sanctions framework.

The action is part of a broader crackdown on Russia sanctions-evasion networks, with the same sweep also hitting Garantex Europe OU alongside banks and related companies. Blockchain analytics firm Elliptic confirmed this marks the first time the UK has deployed the relevant Russia sanctions regime specifically against crypto exchanges — a significant escalation in how Western regulators are treating digital asset platforms as enforcement targets.