UK sanctions crypto platforms and Xeltox Enterprises over Russia links

The United Kingdom has expanded its Russia sanctions regime by designating 38 new entities and individuals, including five platforms operating within the cryptocurrency sector. The Foreign, Commonwealth & Development Office (FCDO) identified three crypto exchanges and two payment platforms suspected of helping Russia circumvent financial sanctions.

Among the designations is Xeltox Enterprises Ltd, which is linked to the brands Cryptomus, Heleket, and Certa Payments Ltd. The UK government stated it has reasonable grounds to suspect Xeltox has supported or benefited the Russian government through the financial services sector. The sanctions include asset freezes, restrictions on trust services, director disqualifications, and prohibitions on UK financial institutions from processing payments through these entities.

Three of the five targeted crypto platforms are linked to Kyrgyzstan. The sanctions also impact various other sectors, including Russian oil companies, shadow fleet tankers, and military suppliers. While a general license was issued to allow firms to wind down dealings with certain oil companies by late November 2026, no such wind-down period was extended to the designated crypto platforms.