The UK announced sanctions on 8 October 2026 against three crypto exchanges and two payment platforms, saying it suspected the entities were helping Russia circumvent financial sanctions. The official notice names Xeltox Enterprises Ltd, TokenSpot CJSC, Tsunami Payments LLC and OJSC Processing KG; it lists Cryptomus and Heleket as name variations of Xeltox. The announcement states the UK’s rationale, but the cited material does not publish independent proof of each allegation.
What the UK announced
The Foreign, Commonwealth & Development Office (FCDO) announced a Russia-related package of 38 new designations on 8 October 2026. It said the package included “three crypto exchanges and two payment platforms,” including entities linked to Kyrgyzstan and one linked individual. The FCDO said it suspected the entities were being used to help Russia circumvent financial sanctions, and said two had processed and facilitated transactions with the A7 network. These are the UK’s stated suspicions and grounds for action, not findings adjudicated by a court. FCDO announcement, 8 October 2026.
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The package included measures beyond the crypto and payment targets, so the 38-designation total should not be read as a count of crypto-related entities. The FCDO’s announcement summarizes the targets by category; the sanctions notice records the designated legal persons and name variations.
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Which companies appear in the designation record?
The official notice names four legal entities relevant to the crypto and payment designations. Its entries distinguish designated persons from names associated with them:
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| Entity in the notice | Associated names or detail recorded |
|---|---|
| Xeltox Enterprises Ltd | Cryptomus and Heleket are listed as name variations. The notice says Xeltox’s Russia-related activity was through ownership of Cryptomus and activities linked to and continued via Heleket. |
| TokenSpot CJSC | Listed as a designated entity. |
| Tsunami Payments LLC | Listed as a designated entity. |
| OJSC Processing KG | The notice names the Kyrgyz Ministry of Finance as its parent company. |
These are the names recorded in the FCDO sanctions notice of 8 October 2026. The distinction matters: Cryptomus and Heleket appear as name variations of the designated Xeltox entity, not as separate legal entities in that entry. The FCDO said three entities in the package were linked to Kyrgyzstan. The notice gives Bishkek addresses for TokenSpot, Tsunami Payments and Processing KG, while Xeltox is listed at a Vancouver, British Columbia address.
What is alleged about A7 and the other exchange links?
The FCDO said two of the designated entities had processed and facilitated transactions with the A7 network. It also reported that A7 claimed to have moved more than $90 billion in the previous year, an amount the UK described as roughly half of Russia’s annual military expenditure. That figure is a claim attributed to A7 and reported by the FCDO; the cited announcement does not independently verify it.
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Separate blockchain-analysis commentary from TRM Labs says the UK listing treats Cryptomus and Heleket as name variations of Xeltox Enterprises Ltd. TRM also assessed TokenSpot as a front company for the sanctioned exchange Grinex. That TokenSpot relationship is TRM’s analysis, not a finding stated in the UK sanctions notice. TRM Labs’ analysis, 8 October 2026.
What do the sanctions restrict?
The notice records asset-freeze measures and restrictions involving correspondent banking relationships and payment processing for the specified designated persons. Under the stated restrictions, UK credit or financial institutions may not establish or continue correspondent banking relationships with a designated person, or process payments to, from or via one. The measures also apply to institutions owned or controlled by a designated person as set out in the regulations.
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The restrictions apply to the designated persons and the circumstances described in the notice and regulations; this announcement is not a blanket prohibition on using crypto exchanges or a sanction against every exchange operating in the sector. For a specific entity or transaction, consult the current listing and applicable regulations rather than relying on a summary.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to check whether a designation has changed
The FCDO says the UK Sanctions List became the sole source for UK sanctions designations from 28 January 2026. The list records additions and corrections, including changes made on 8 October 2026. Because designation details can be updated or corrected, check the live record before making a decision:
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- Open the UK Sanctions List, the official designation source identified by the FCDO.
- Search for the exact legal entity name shown in the notice, such as “Xeltox Enterprises Ltd” or “TokenSpot CJSC.” Check name variations as well as the main entry.
- Read the current entry and relevant measures, rather than relying solely on a news article or a cached copy of the notice.
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