Binance Restricts Transactions Involving 16 Crypto Platforms
Binance, the world’s largest cryptocurrency exchange, is introducing restrictions on transactions involving 16 crypto platforms that have been targeted by sanctions imposed by the European Union and the United States over Russia and Iran.
According to Binance, the measures will affect both direct and indirect transfers between the exchange and wallets linked to the sanctioned services.
Restrictions Introduced in Stages
The first restrictions took effect on August 7, when Binance stopped processing transactions involving Shelbit and Aban Tether Exchange.
On August 13, the same measures were extended to A7 Nigeria, A7 Africa and PilotFinance.
Transactions involving Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode, HTX and EXMO are scheduled to face restrictions from August 23.
Binance warned that transactions conducted on or after the specified dates may be halted and subjected to additional checks. During such reviews, wallets associated with the activity may face restrictions, while the use of the affected services could potentially violate Binance’s terms of service.
Why the Platforms Were Targeted
Fourteen of the platforms named by Binance were included in the European Union’s 21st package of sanctions. European authorities said the companies provided crypto-asset or payment-related services and were established outside the bloc, making enforcement of sanctions more difficult.
The United States has separately sanctioned Shelbit and Aban Tether Exchange. On August 7, the U.S. Treasury accused the platforms of facilitating money laundering and transferring millions of dollars for the benefit of Iran’s Islamic Revolutionary Guard Corps (IRGC).
The move comes amid increasing scrutiny of cryptocurrency services suspected of helping sanctioned entities maintain access to international financial networks.
Earlier, analysts at U.S. blockchain intelligence firm TRM Labs reported that crypto exchange HTX was still serving customers in Russia and had modified parts of its infrastructure in an effort to circumvent UK sanctions.
