UK Sanctions Crypto Platforms Over Russia Links

The sanctions, issued by the Foreign, Commonwealth and Development Office, mandate that UK-based persons freeze all assets belonging to the designated entities. Authorities also imposed internet service restrictions on Xeltox Enterprises—the Canadian firm behind Cryptomus—along with TokenSpot and other payment providers, forcing internet service providers to block access to their digital platforms.

Blockchain intelligence firm TRM Labs provided the investigative foundation for these designations. Research indicates that Cryptomus and Heleket, which began operations in early 2025, shared personnel, branding, and liquidity sources. By April 2026, Cryptomus had processed $1.86 billion in onchain volume, with the sanctioned exchange Garantex serving as a primary counterparty. Meanwhile, TokenSpot was identified as a functional front for the exchange Grinex. Records show TokenSpot facilitated over $950 million in transfers to Grinex, Garantex, and the Kremlin-linked A7 financial network. Investigations also revealed that TokenSpot and other entities, such as Tsunami Payments, operated from shared office spaces in Kyrgyzstan, further highlighting the geographic reach of these illicit payment channels.