The UK Foreign, Commonwealth & Development Office (FCDO) has announced a new sanctions package targeting 38 entities, including three crypto exchanges and two payment platforms suspected of helping Russia evade financial sanctions.
The FCDO targeted Canadian company Xeltox Enterprises, the owner of exchange Cryptomus and operator of the Heleket platform. The UK government also targeted Kyrgyzstan-based exchange TokenSpot and Tsunami Payments, along with Processing KG, which operates the VexPay payment system.
The UK government imposed internet service sanctions requiring all internet service providers, social media platforms, and app stores to block UK users from accessing websites and apps operated by the targeted crypto companies.
Supporting Half of Russia’s Military Budget
Two entities targeted in the FCDO action were found to have facilitated transactions for A7, a network operating with full Kremlin support. Illicit turnover within the A7 network exceeds $90 billion per year, an amount equivalent to half of Russia’s total military budget.
An intelligence report from TRM Labs revealed that Heleket had processed over $2.89 billion in transactions through October 2026. Approximately 60% of the illicit funds flowing into Heleket originated from Garantex, a sanctioned Russian crypto exchange.
Money Trail on the TRON Network
Blockchain data analysis of TokenSpot’s TRON address recorded $3.54 billion in incoming transfers between December 2023 and September 2026. The same TRON address logged $3.14 billion in outgoing transfers over the same operating period.
Of that $3.14 billion in outgoing transfers, TokenSpot transferred more than $950 million to addresses tied to the A7 network, Garantex, and Grinex exchange.
In October 2025, Canada’s financial intelligence agency (FINTRAC) fined Xeltox Enterprises nearly 177 million Canadian dollars for high-level anti-money laundering violations. Sanctions and access blocking by the UK government now ensure their operating space is cut off from yet another global financial hub.
Reported by Decrypt.
Also read: CLARITY Crypto Bill Falls 11 Votes Short in Senate - Why SEC Self-Regulation Faces Legal Challenges
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
