HTX Restricts Russian Operations Amid Sanctions and Exchange Link Suspensions
Cryptocurrency exchange HTX has added Russia to its list of restricted jurisdictions, empowering the platform to limit services, restrict withdrawals, and close affected accounts. This decision follows similar moves by rival exchanges Bitget and MEXC, as international sanctions and a reported suspension of ties by Binance intensify pressure on HTX’s global operations.
Under its updated User Agreement, HTX’s restrictions will apply to individuals residing in or accessing the platform from Russia, as well as companies registered or primarily operating within the country. The exchange reserves the right to limit access to its products, restrict withdrawals, or close accounts deemed to be in violation. However, HTX has not yet disclosed when these restrictions came into effect or confirmed if it has begun suspending Russian accounts.
Russia now joins a growing list of jurisdictions facing restrictions on HTX, which includes the United States, the United Kingdom, the European Union, Singapore, Iran, and Syria. The exchange also noted that its list of restricted countries is subject to change based on evolving regulations and services, and users are responsible for staying informed of updated terms.
The policy shift by HTX occurs in the wake of sanctions targeting both the exchange and its parent entity, Huobi Global SA. The UK government previously sanctioned Huobi Global SA, alleging its involvement in a “shadow financial system” that facilitated the movement of over $1.5 billion. Subsequently, the European Union included HTX in its Russia-related sanctions package, prohibiting EU entities from engaging in business or transactions with the network. These measures were aimed at crypto platforms suspected of aiding in sanctions evasion.
Compliance pressures have also impacted HTX’s relationships with other cryptocurrency platforms. On August 25th, Binance announced it had suspended transaction matching and network ties with HTX and ten other crypto service providers, a move that diminished HTX’s access to cross-exchange institutional liquidity.
In parallel, Bitget has added Russia and Belarus to its list of prohibited jurisdictions, advising affected users to withdraw their assets by October 21st. Similarly, MEXC announced plans to cease services for users in Russia and Belarus effective October 20th.
These collective actions highlight the increasing pressure on international exchanges serving Russian users. However, the available reports do not indicate a coordinated market exit by all platforms.
