CoinDesk
The United Kingdom has imposed sanctions on 18 entities and individuals accused of helping Russia evade Western restrictions and finance its war in Ukraine — including Huobi Global S.A., operator of the HTX exchange, and the issuer of the USDKG gold-backed stablecoin. It marks the first time Britain has applied Regulation 17A of its Russia sanctions regime to crypto exchanges, a tool previously reserved for sanctioned banks.
Under the new rules, UK financial firms and crypto service providers are barred from maintaining correspondent relationships with the designated entities and may be required to freeze funds and trace blockchain transactions across multiple hops — extending compliance checks well beyond direct counterparties.
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