The UK sanctioned five crypto and payment platforms, including Cryptomus and TokenSpot, for facilitating transactions that help Russia circumvent financial sanctions. Two of the targets processed transactions with Russia's A7 network, an illicit finance operation that moved over $90 billion last year. The sanctions are part of a broader 38-target package targeting Russian oil companies and shadow fleet tankers.
The UK sanctioned three cryptocurrency exchanges and two payment processors linked to Russian entities and the A7 financial network, which has moved over $90 billion to circumvent Western sanctions. The sanctioned platforms, including TokenSpot, Cryptomus, and Heleket, received hundreds of millions in funds from thousands of illicit counterparties and facilitated transactions for Russia's military expenditure.
The UK Foreign Office imposed sanctions on multiple cryptocurrency platforms, including Cryptomus and several payment processors, for allegedly facilitating Russian sanctions evasion. The targeted entities span jurisdictions including Kyrgyzstan and include exchanges like TokenSpot and platforms such as Tsunami Payments.
The UK sanctioned three crypto exchanges, two payment platforms, and one individual on October 8 for allegedly helping Russia evade sanctions, with authorities suspecting two platforms processed transactions involving the A7 network, a Kremlin-backed financial system. The designations targeted businesses linked to Kyrgyzstan and followed similar U.S. Treasury action against A7 on October 1.
Kyrgyzstan shut down its gold-backed USDKG stablecoin less than a year after its $50 million launch, ordering liquidation of issuer EVA and state-owned Coin Nomad Exchange. The shutdown followed UK sanctions in May citing suspected ties to Russia's government. Token holders can exchange USDKG for fiat currency or USDT.