The United Kingdom has sanctioned three cryptocurrency exchanges and two payment platforms that it suspects helped Russian entities bypass financial restrictions, according to Cointelegraph.
Platforms linked to Russian networks
The UK Foreign, Commonwealth & Development Office said three of the targeted providers were linked to Kyrgyzstan. Two were also connected to transactions involving the A7 network, a Kremlin-backed financial system.
The Foreign Ministry said cutting off the platforms would make it more difficult for sanctioned entities to move and access funds. A7 has claimed that it moved more than $90 billion last year, an amount described by the ministry as close to half of Russia’s annual military expenditure.
The sanctions target exchanges and payment processors rather than being presented as a new restriction on cryptocurrency users generally. The measures are intended to disrupt services that authorities believe helped restricted Russian entities access financial channels.
Blockchain links identified by Chainalysis
Blockchain analytics company Chainalysis found that two of the sanctioned payment processors, Cryptomus and Heleket, received funds from thousands of illicit counterparties. Their activity reached a peak of 900 such entities in one month in late 2025, according to the source material.
Kyrgyzstan-based TokenSpot was also linked to the A7 network. Chainalysis further determined that TokenSpot, along with the exchanges Grinex and Meer, received more than $308 million from the same HTX deposit address.
The UK’s action follows an earlier sanctions decision involving Huobi Global, the operator of the HTX cryptocurrency exchange. British authorities added Huobi Global to a sanctions package in May. HTX disputed that decision, saying it applied only to Huobi Global as a separate legal entity and that its online exchange and customer funds were not affected.
Cointelegraph said it contacted TokenSpot, Cryptomus and Heleket for comment.
A7A5 stablecoin activity continues
The developments come as the ruble-backed A7A5 stablecoin continues to record substantial blockchain activity. Stablecoins are digital tokens designed to track the value of an underlying currency or asset; in this case, A7A5 is backed by the Russian ruble.
CertiK reported that A7A5 had processed $110 billion in cumulative on-chain transactions through June. The figure indicates the scale of activity associated with the network despite Western sanctions, although it does not by itself establish that every transaction involved sanctioned entities.
Current market picture
Moneyiar market data at 11:04 a.m. on Oct. 9, 2026, showed HTX at $0.0000016764, down 1.37% over 24 hours and 1.88% over seven days. The Sandbox was $0.0678960236, down 6.86% in 24 hours but up 3.46% over seven days.
FUNToken stood at $0.0087384048, rising 0.72% in 24 hours and 6.04% over seven days. ONEchain was priced at $0.129829894, down 4.32% over 24 hours and 5.31% over seven days. These market movements are provided for context and do not establish a direct connection to the UK sanctions.
