The European Union has included HTX, the cryptocurrency exchange owned and advised by billionaire Tron founder Justin Sun, in the 21st package of Russia sanctions adopted Thursday.

The exchange, listed under its operator Huobi Global SA, appears on an EU annex of crypto and financial firms accused of "significantly frustrating" the bloc's Russia sanctions measures. Starting August 23, individuals and entities within the EU will be prohibited from transacting with the exchange, though the listing does not freeze its assets or constitute a full designation. That distinction matters for compliance teams: the measure restricts EU dealings with the exchange without applying the broader asset-freeze consequences that accompany a full designation.

The EU described the package as its largest batch of individual listings in four years, encompassing 218 designations. HTX did not immediately respond to a request for comment.

EU Commission President Ursula von der Leyen endorsed the measures, stating that sanctions continue to weaken the economic foundations of Russia's war effort as Ukraine builds military momentum.

Expanded Crypto Measures

The package significantly broadened the bloc's cryptocurrency-related sanctions. The EU extended its transaction ban to 14 crypto-related service platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan, and Belarus. It also added four designations connected to the "A7" cross-border network, citing its emerging links to Africa.

For the first time, the EU raised the possibility of imposing a full ban on a third country's crypto services, framing it as a deterrent against jurisdictions that host platforms facilitating Russian sanctions evasion. The move places crypto platforms alongside banks and other financial intermediaries in the EU's sanctions toolkit, reflecting regulators' focus on services that can help move funds outside conventional payment channels.

"We're hitting over a hundred banks and crypto operators," EU foreign policy chief Kaja Kallas said in a statement. "With each round of sanctions, we squeeze Russia's economy and its capacity to prolong its illegal war."

UK Precedent and HTX's Response

HTX, formerly known as Huobi, was founded in China in 2013 and ranks among the world's largest exchanges, reporting over $3 trillion in trading volume in 2025. The UK sanctioned the exchange in May—the first time Britain applied such measures to an exchange of that scale—alleging it channeled more than $1.5 billion to the Kremlin and servicing the A7 network, whose ruble-pegged stablecoin A7A5 experts say Moscow uses to move funds.

The EU listing comes two days after blockchain intelligence firm TRM Labs reported that HTX had "rebuilt its on-chain plumbing" since the UK action, cycling hot wallets across TRON, Ethereum, BNB Smart Chain, and Solana at a pace that makes address screening unable to "keep pace." At that time, TRM noted neither Washington nor Brussels had designated the exchange—a gap the EU has now partially closed.

HTX has rejected the accusations. The exchange told Decrypt the wallet activity reflected "routine, security-driven platform operations." Following the UK action, HTX claimed that Huobi Global S.A. was "distinct from the online HTX exchange," with user funds safe and operations unaffected. However, the UK's Office of Financial Sanctions Implementation emphasized that Huobi's ownership of HTX makes the exchange subject to its sanctions regime.

Broader Context

Justin Sun, whose U.S. fraud case was settled with the SEC earlier this year for $10 million, was previously a prominent backer of the Trump family's World Liberty Financial before that relationship devolved into dueling lawsuits.

The U.S. Treasury's OFAC has yet to take action against HTX, leaving enforcement inconsistent across jurisdictions. For HTX and firms that interact with it, the next practical issue is how major sanctions authorities align—or diverge—on crypto enforcement as the EU's August transaction ban takes effect.