The UK government introduced a package of 38 sanctions on October 8, targeting entities suspected of assisting Russia in bypassing financial restrictions. The measures focus on oil revenue, military suppliers, and financial infrastructure.
Blockchain intelligence firm TRM Labs identified that the sanctioned platforms, including Cryptomus, Heleket, and TokenSpot, utilized shared infrastructure and parallel branding to maintain operations. Xeltox Enterprises Ltd, a Canadian firm, was also designated for its role in supporting these services.
TRM Labs reported that Cryptomus and Heleket share personnel and liquidity sources. Data indicates that Cryptomus received $204 million from Garantex and transferred $101 million back to the exchange before implementing mandatory identity checks.
The exchange TokenSpot was flagged as a front for Grinex, a suspected successor to Garantex. TRM Labs noted that TokenSpot transferred over $950 million to Grinex, Garantex, and the A7 network, with A7 receiving $679.5 million.
Additional entities sanctioned include Tsunami Payments, Processing KG, and its director Ulan Bukabaev, as well as the Russian firm Planeta and Moscow-based Stolichny Kredit bank. TRM Labs advises compliance teams to monitor for similar successor services.
