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UK sanctions crypto payment processors Cryptomus, Heleket, and exchange TokenSpot
A 38-entity Russia sanctions package targets crypto platforms that TRM Labs links to Garantex, Grinex, and the A7 network
The UK has added three crypto businesses to its Russia sanctions list: payment processors Cryptomus and Heleket, and the Kyrgyzstani exchange TokenSpot CJSC.
The designations, announced on October 8, 2026, were part of a package of 38 Russia-linked entities.
The legal effect is simple and immediate. UK persons must stop dealing with the designated entities, and any of their assets within UK reach must be frozen.
What the UK is alleging
The targeted organizations are allegedly involved in helping Russia evade the financial sanctions placed on it. According to the research findings, the designations draw on an assessment from April 2026 that identified operational connections among Cryptomus, Heleket, and TokenSpot, suggesting a coordinated effort to circumvent regulatory scrutiny following significant compliance failures.
Blockchain analytics firm TRM Labs has supplied much of the public detail on how these businesses connect.
TRM Labs found that TokenSpot facilitated over $950 million in transfers to Grinex, Garantex, and the A7 network. Grinex and Garantex are themselves sanctioned entities that have been tied to illicit financial activity.
On October 6, 2026, two days before the UK announcement, TRM assessed TokenSpot as a front sharing infrastructure with Grinex.
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TRM Labs also found that Cryptomus had significant exposure to Garantex. Cryptomus received over $204 million from Garantex before sanctions were imposed on it.
The Cryptomus backstory
Cryptomus is not new to regulators. The firm is registered in Canada and operates, along with Heleket, through an entity called Xeltox Enterprises Ltd.
In October 2025, Canada’s financial intelligence unit, FINTRAC, hit Cryptomus with a record CAD 177 million penalty for anti-money laundering and counter-terrorist financing violations.
Heleket was launched in January 2025 and its arrival was interpreted as an attempt to keep money moving as enforcement pressure built on its predecessor.
The UK’s decision to name Cryptomus and Heleket together signals that it views them as connected operations.
Why crypto rails keep landing in sanctions packages
The broader package is aimed at limiting Russia’s financial activities, including its use of crypto to support them. TokenSpot is based in Kyrgyzstan, Cryptomus and Heleket operate through a Canadian-registered firm, and the money trails run back to Russia-linked exchanges.
What this means
For the designated businesses, the immediate consequence is isolation from anything UK-connected. UK exchanges, banks, and service providers now face legal exposure if they handle funds tied to these entities.
TRM’s assessment of TokenSpot, arriving just before the UK move, shows how closely blockchain analytics and government action now track each other.
For compliance teams at legitimate platforms, the practical task is wallet screening. Counterparty exposure to Cryptomus, Heleket, TokenSpot, Grinex, Garantex, or the A7 network is now a red flag in a UK context.