The United Kingdom announced sanctions on three cryptocurrency exchanges and associated payment platforms on October 8, 2026, citing their alleged role in facilitating transactions that help Russia evade existing sanctions.
The Foreign, Commonwealth & Development Office designated Xeltox Enterprises, a Vancouver-registered company linked to the Cryptomus, Heleket, and Certa Payments platforms, along with the Kyrgyzstan-based TokenSpot exchange. Additional targets include Processing KG, which operates VexPay, and Tsunami Payments, as well as individual Ulan Bukabaev, a director of Processing KG.
Two of the designated entities are reported to have processed or facilitated transactions involving the A7 network, a Kremlin-backed system that operates a ruble-pegged stablecoin known as A7A5 and is alleged to bypass sanctions on Russia’s financial sector. The UK government stated that A7 claimed to have moved more than $90 billion in the previous year.
The measures include asset freezes and internet services sanctions, requiring platforms and providers to take steps to restrict UK user access. The designations form part of a package of 38 new measures that also target Russian oil producers and shadow fleet tankers.
Blockchain analysis has previously linked some of the platforms to flows involving sanctioned entities and the A7 network.
