The UK has sanctioned three cryptocurrency exchanges and two payment processors suspected of helping Russian entities circumvent financial sanctions. Three of these service providers were linked to Kyrgyzstan. The Kremlin-backed A7 financial network claimed to have moved more than $90 billion last year, or nearly half of Russia’s annual military expenditure. The ruble-backed A7A5 stablecoin processed $110 billion in cumulative on-chain transactions up to June. The exchanges TokenSpot, Grinex and Meer received over $308 million from the same HTX deposit address.
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