The United Kingdom just did something it has never done before: slap sanctions directly on a major cryptocurrency exchange. The target is Huobi Global S.A., the entity operating the HTX exchange, which the UK government alleges has been providing financial services to Russian-linked networks working to evade Western sanctions.

The measures, imposed on May 26, include asset freezes and bans on payment processing. In English: HTX can no longer legally move money through UK-connected financial infrastructure, and any assets it holds within British jurisdiction are locked.

What HTX is accused of

The UK’s sanctions specifically name HTX for allegedly supporting the Kremlin-backed A7 network and Garantex, a Russian…