UK sanctions crypto platforms suspected of aiding Russian financial networks
- —The October 8 package covers 38 designations spanning oil revenue, shadow fleet vessels, military suppliers and financial infrastructure
- —Xeltox Enterprises Ltd, registered in British Columbia, was designated for supporting Russia's financial sector via Cryptomus and Heleket
- —Cryptomus received over $204 million from Garantex and sent it $101 million, per TRM's April analysis
- —TokenSpot sent more than $950 million combined to Grinex, Garantex and the A7 network, including $679.5 million to A7
Why it matters: The designations target Russia's payment rails and raise counterparty risk for users and partners of the named services.
Source: Crypto Briefing