The United Kingdom has issued economic sanctions against Cryptomus, a chameleonic cryptocurrency platform that experts say serves as a major conduit for payments related to ransomware, narcotics, darknet markets, fraud and cybercrime services that are helping Russia circumvent existing financial restrictions.
Heleket’s support agent on Telegram claims, despite all evidence to the contrary, that it is not affiliated with Cryptomus. Image: Richard Sanders.
On October 8, the U.K. issued sanctions (PDF) against Cryptomus — previously known as Certa Payments and Xeltox Enterprises — for processing payments that benefit the Russian government and its financial institutions. The sanctions freeze any Cryptomus assets at U.K. banks, and bar British companies from offering it any business, virtual or otherwise. Also targeted in these sanctions were the virtual payment platforms VexPay, TokenSpot, and the Tsunami Payments service.
As explained in our December 2024 investigation, “How Cryptocurrency Turns to Cash in Russian Banks,” Cryptomus has been a key payment processor for dozens of Russian cryptocurrency exchanges and websites hawking cybercrime services. The company has changed its name several times since emerging in 2022, most recently to “Heleket” last year after Canada levied a record CAD $176 million fine against the platform for anti-money laundering violations.