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      UK Imposes Sanctions on Cryptocurrency Platforms and Payment Services

      On October 8, 2026, the United Kingdom expanded its sanctions list by adding four companies, including cryptocurrency exchanges Cryptomus and TokenSpot, as well as payment platforms Xeltox Enterprises and Tsunami Payments. This latest round of sanctions includes a total of 38 new designations, with the UK government citing concerns that some of these companies have facilitated transactions linked to the Kremlin-backed A7 network, which claims to have transferred over $90 billion in the previous year.

      The sanctions entail not only asset freezes but also restrictions on banking, payment processing, and internet services within the UK. The Secretary of State indicated that there are reasonable grounds to suspect that Xeltox supports the Russian government through its operations in the Russian financial services sector, and is associated with activities linked to Cryptomus and Heleket, which are identified as major variants of Xeltox.

      TokenSpot, a closed joint-stock company based in Bishkek, Kyrgyzstan, is also suspected of benefiting from or supporting the Russian government through its financial operations. Similarly, Processing KG, another company based in Bishkek, is linked to the Kyrgyz Ministry of Finance and is engaged in business deemed economically significant to the Russian government. These measures reflect the UK's ongoing efforts to curb financial support for Russia amid ongoing geopolitical tensions.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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