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 checks. TRM said Cryptomus’s monthly blockchain volume subsequently fell while Heleket’s rose.

The report also identified substantial transactions with sanctioned counterparties. Cryptomus received more than $204 million from Garantex and sent it $101 million, according to TRM’s April analysis.

TokenSpot was separately designated for supporting Russia’s financial services sector. TRM assessed with high confidence on October 6 that it operates as a front company for Grinex, which the firm considers a likely successor to Garantex.

The analysis found six TRON addresses attributed to both exchanges, along with shared infrastructure for collecting deposits and transaction fee balances. TRM also highlighted closely timed service interruptions announced by the two platforms in April.

According to TRM, TokenSpot sent more than $950 million combined to Grinex, Garantex and the A7 network. A7 was its largest external counterparty, receiving $679.5 million from the exchange.

Other targets included Tsunami Payments and Processing KG, both registered in Kyrgyzstan. The UK also designated Processing KG director Ulan Bukabaev, Russian company Planeta and Moscow bank Stolichny Kredit.

TRM said the designations reflect a recurring pattern of Russia linked services adopting new brands or shifting activity to parallel platforms after enforcement. It urged compliance teams to review historical exposure and monitor successor services that share infrastructure, liquidity sources or customers with the designated firms.