UK Sanctions Crypto Platforms Cryptomus, Heleket, and TokenSpot for Supporting Russia

The UK government has sanctioned three cryptocurrency businesses—payment processors Cryptomus and Heleket, along with the Kyrgyzstani exchange TokenSpot—on October 8, 2026, as part of a broader effort to curb Russia's financial activities amid ongoing sanctions.

These designations, which are part of a package targeting 38 entities linked to Russia, are based on findings from blockchain intelligence firm TRM Labs. The report indicates that these platforms are suspected of facilitating Russia's attempts to bypass financial restrictions imposed due to its actions in Ukraine.

According to TRM Labs, Cryptomus and Heleket share operational ties, with both registered under Xeltox Enterprises Ltd, a Canadian entity. The analysis revealed that Cryptomus had received over $204 million from the sanctioned exchange Garantex and sent $101 million back, highlighting its involvement in illicit financial activities.

Heleket, which launched in January 2025, is believed to have emerged as a means for continuing operations amid increasing regulatory scrutiny on Cryptomus. The UK’s sanctions reflect a recognition of the interconnected nature of these platforms, indicating a coordinated effort to evade compliance.

TokenSpot has also been implicated, with TRM assessing it as a front for Grinex, another sanctioned entity. The exchange reportedly facilitated over $950 million in transfers to Grinex, Garantex, and the A7 network, further illustrating its role in supporting Russia's financial infrastructure.

The immediate impact of these sanctions requires UK individuals and businesses to cease dealings with the designated entities and freeze any assets within UK jurisdiction. This move underscores the ongoing scrutiny of cryptocurrency platforms and their potential connections to illicit financial activities.