The European Union has sanctioned 14 crypto exchanges, including Justin Sun-owned HTX and 13 other platforms based in the UAE, Panama, Georgia, the Marshall Islands, Kyrgyzstan and Belarus. These platforms are accused of serving as conduits for sanctioned Russian entities to transfer funds and bypass existing sanctions. The transaction ban prohibits EU persons and firms from doing business with these sanctioned platforms. HTX, already banned by the UK in May, moved its reserves to an unknown third party and has been switching hot wallets to evade sanction screening. The United States also froze over $1 billion in crypto funds tied to Iran, demonstrating coordinated action against crypto use to circumvent international sanctions.
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