UK sanctions crypto platforms suspected of supporting Russian financial networks

The UK designated Xeltox Enterprises Ltd, a company registered in British Columbia, Canada, for supporting Russia’s financial services sector through Cryptomus and activities linked to Heleket. Both brands appear under the same listing, alongside Certa Payments.

TRM assessed with high confidence in April that Cryptomus and Heleket were operationally linked. Its findings included shared infrastructure, personnel, branding and liquidity sources.

Heleket launched in January 2025, a month before Cryptomus introduced mandatory identity checks. TRM said Cryptomus’s monthly blockchain volume subsequently fell while Heleket’s rose.

The report also identified substantial transactions with sanctioned counterparties. Cryptomus received more than $204 million from Garantex and sent it $101 million, according to TRM’s April analysis.

TokenSpot was separately designated for supporting Russia’s financial services sector. TRM assessed with high confidence on October 6 that it operates as a front company for Grinex, which the firm considers a likely successor to Garantex.

The analysis found six TRON addresses attributed to both exchanges, along with shared infrastructure for collecting deposits and transaction fee balances. TRM also highlighted closely timed service interruptions announced by the two platforms in April.