Cryptomus, Heleket share UK sanctions designation

The UK added Xeltox Enterprises Ltd. to its sanctions list on Oct. 8, 2026, under reference RUS3755. The Foreign, Commonwealth & Development Office lists Cryptomus, Heleket and Certa Payments Ltd. as names associated with the company.

The notice states that the UK has reasonable grounds to suspect Xeltox supported or benefited from the Russian government through the Russian financial-services sector. It cites Xeltox’s ownership of Cryptomus and activities linked to and continued through Heleket.

The designation includes an asset freeze, restrictions on trust services, director disqualification, internet-services sanctions and limits on correspondent banking and payment processing. UK credit and financial institutions cannot establish or maintain correspondent relationships with Xeltox or process payments to, from or through the company. The restriction also covers institutions that Xeltox owns or controls.

The internet-related measure requires social-media services, internet-access providers and application stores to take reasonable steps to prevent users in the UK from accessing content, websites or applications supplied by Xeltox. The measure applies to UK access even when a customer sees a different brand at checkout.

The Office of Financial Sanctions Implementation states that UK financial sanctions apply to people and activities in the UK, as well as to UK nationals and entities established under UK law wherever they operate. Cryptoassets fall within the definitions of funds and economic resources. The effect on a transaction depends on its parties, activity and jurisdiction.

OFSI’s ownership and control rules can extend sanctions restrictions to entities whose names do not appear separately on the sanctions list. The rules cover cases in which a person holds more than 50% of shares or voting rights, can appoint or remove most directors, or can reasonably be expected to direct an entity’s affairs.

A customer withdrawal depends on the legal basis for the transfer, even when the customer is not a designated person. An exception applies automatically when its conditions are met. A license provides written permission for otherwise prohibited activity. General licenses also have conditions and can expire, change or be revoked.

For a transfer involving a designated money-services business, OFSI lists a possible licensing ground for returning funds. The ground includes UK registration for money-laundering purposes, among other conditions. Registration in Canada alone does not meet that requirement. A licensing ground permits an application but does not authorize a transfer without an issued license.

A switch between providers therefore requires a lawful way to transfer the existing balance and a receiving route that can process the funds. Changing a brand or legal operator does not by itself establish that either condition has been met.

TokenSpot CJSC has a separate designation under reference RUS3758. Blockchain analysis published Oct. 8 found that funds from TokenSpot, Grinex and Meer converged on one HTX deposit address, which received more than $308 million. The analysis did not establish a connection between that address and Cryptomus, Heleket or their corporate group.

Xeltox also faced Canadian regulatory action before the UK designation. FINTRAC’s Oct. 22, 2025, record states that its director confirmed a C$176.96 million administrative penalty against Xeltox on Oct. 16, 2025, for 2,593 contraventions across six categories. The findings included failures to file suspicious-transaction reports and comply with Canada’s Iran-related directive. Xeltox appealed the penalty to the Federal Court.