Britain sanctions crypto exchange HTX over Russian support

The Foreign Office said Huobi Global S.A., registered in Panama and operating HTX, helped the Russian cryptocurrency exchange platform Garantex and the A7 group, both strategic for Moscow. “The A7 network is a Kremlin-backed system designed to bypass Western sanctions, finance military procurement, and process funds from the sale of oil to fund its war economy,” it said in a statement. “The network claimed to have moved more than $90 billion last year equivalent to roughly half of Russia’s yearly military expenditure.” The Foreign Office said the group used a Kyrgyz bank and a major cryptocurrency exchange platform to channel,…