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Inside the EU’s new country-level crypto ban — Here’s why HTX and 13 platforms were targeted

Inside the EU’s new country-level crypto ban — Here’s why HTX and 13 platforms were targeted

The European Union (EU) has widened its sanctions targeting Russia by banning Justin Sun-owned HTX and 13 other crypto platforms.

The platforms span the United Arab Emirates (UAE), Panama, Georgia, the Marshall Islands, Kyrgyzstan and Belarus. They include BitPapa, A7 networks and more.

EU crypto EU crypto
Source: TRM Labs

According to the EU Council, these platforms have acted as conduits for blocked Russian entities to move funds and bypass existing sanctions. The transaction ban prohibits EU persons and firms from doing business with these crypto platforms. 

In particular, Justin Sun-owned HTX’s appearance on the sanctioned list is very noteworthy. The exchange was banned by the U.K in May.

To counter possible freezing of funds, HTX moved its…

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