The UK has sanctioned crypto businesses linked to Russia’s financial networks as part of a broader package targeting 38 Russia-linked entities announced Oct. 8.
The measures cover oil revenue networks, military suppliers, shadow-fleet vessels and financial infrastructure. The UK said the action aims to disrupt channels that could help Russia move money and support its war effort.
Cryptomus and Heleket Targeted
The UK designated Xeltox Enterprises Ltd., the company behind Cryptomus and Heleket, for supporting Russia’s financial sector.
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Blockchain analytics firm TRM Labs found that Cryptomus and Heleket share infrastructure, staff, branding and liquidity sources. Cryptomus also sent more than $101 million to sanctioned Russian crypto exchange Garantex, according to TRM’s April analysis.
Heleket launched in January 2025, shortly before Cryptomus introduced mandatory identity checks. Cryptomus activity later declined as Heleket transaction volumes increased.
TokenSpot Linked to Grinex
The UK also sanctioned TokenSpot over alleged support for Russia’s financial sector. TRM Labs said TokenSpot appears to operate as a front for Grinex, which it identified as a likely successor to Garantex.
TRM identified six TRON addresses used by both platforms and found more than $950 million in transfers from TokenSpot to Grinex, Garantex and A7. A7 accounted for $679.5 million.
The UK also sanctioned Kyrgyz payment companies Tsunami Payments and Processing KG. TRM urged compliance teams to review past exposure and monitor successor services sharing infrastructure or liquidity with sanctioned entities.
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