UK sanctions crypto platforms suspected of supporting Russian financial networks

The UK sanctioned crypto exchanges and payment platforms it suspects of helping Russia circumvent financial restrictions, according to an analysis report from blockchain intelligence firm TRM Labs. The October 8 package included 38 designations targeting Russian oil revenue, shadow fleet vessels, military suppliers and financial infrastructure. Among the targets were the corporate owner of Cryptomus and Heleket, along with Kyrgyzstan based exchange TokenSpot. TRM said the action reaches services it had previously identified as operating through shared infrastructure or parallel brands, highlighting how Russia linked financial networks adapt to sanctions. The UK designated Xeltox Enterprises Ltd, a company registered in British Columbia, Canada, for supporting Russia’s financial services sector through Cryptomus and activities linked to Heleket. Both brands appear under the same listing, alongside Certa Payments. TRM assessed with high confidence in April that Cryptomus and Heleket were operationally linked. Its findings included shared infrastructure, personnel, branding and liquidity sources. Heleket launched in January 2025, a month before Cryptomus introduced mandatory identity ...