UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks
CoinDesk
The U.K. has sanctioned several crypto firms, including Huobi, for allegedly helping Russia bypass sanctions and finance its war in Ukraine.Summary
The United Kingdom has imposed sweeping sanctions on 18 entities and individuals, including the crypto exchange Huobi and the issuer of the USDKG stablecoin, for facilitating illicit financial activities for Russia. By invoking Regulation 17A, the U.K. is forcing financial firms to sever ties with these entities, marking a significant escalation in the use of traditional financial sanctions against digital asset markets. Officials aim to dismantle a Kremlin-linked payments network that reportedly moved $90 billion to support Russian military procurement and oil sales.
(Source：CoinDesk)