EU draws up crypto hit list: 11 platforms, 0 names released 🇪🇺

The European Union proposed banning transactions on 11 cryptocurrency platforms as part of its 21st sanctions package against Russia, escalating a campaign that has so far focused on banks, oil revenues and weapons manufacturers. Kaja Kallas, vice president of the European Commission and the EU's high representative for foreign affairs and security policy, said the package would tighten restrictions on crypto-asset services directed at certain third countries, add new designations and prohibit transactions with the unnamed platforms. "We will also tighten our ban for crypto-asset services to certain third countries, add new designations, and ban transactions on 11 crypto platforms," Kallas wrote on X. The Commission did not identify the 11 platforms in its public statements, and Cointelegraph said it did not receive clarification before publication.

European Commission President Ursula von der Leyen said the package would also impose bans on 31 additional Russian banks and 20 entities in third countries, including banks, crypto platforms and oil traders, accusing them of serving sanctioned Russian individuals and entities or helping circumvent EU measures. The measures extend the bloc's sanctions regime beyond traditional financial channels to digital-asset firms alleged to have helped Moscow work around restrictions imposed over its war in Ukraine.

The EU proposal comes after the United Kingdom sanctioned Huobi Global S.A., the Panamanian operator of HTX, on May 26, citing reasonable grounds to suspect the exchange had supported the Russian government through financial services and funds routed through A7 Limited Liability Company and Garantex, both previously sanctioned. HTX has denied the allegations, saying the sanctioned entity is separate from the online exchange. A Global Ledger report later said HTX processed about $21.06 billion in high-risk crypto flows between 2021 and May 2026, including at least $7.64 billion tied to Russian high-risk entities and darknet markets such as Garantex, its successor Grinex, A7A5 and Hydra.

The UK sanctions drew criticism from blockchain researchers, who warned that exchange-level designation could freeze legitimate user funds and reduce the effectiveness of compliance tools used to trace illicit activity. The proposed EU measures echo those concerns, though the Commission has yet to publish the names, jurisdictions or licensing status of the platforms it intends to target, leaving market participants to wait for further detail as the package moves through the EU's legislative process.