Quick Take
- Binance said it will no longer process transactions from 16 exchanges, including five that were already blocked, citing regulatory compliance needs.
- The move follows EU sanctions on HTX and the other listed firms for allegedly helping Russia circumvent restrictions tied to the Ukraine invasion.
Binance said it will no longer process transactions involving a group of crypto-asset service providers and exchanges, citing compliance concerns, according to an announcement on Friday.
While most of the named entities are low-volume and little-known platforms, HTX (formerly Huobi), a significant global centralized exchange, was also on the list.
“Binance is required to adhere to the regulatory requirements in the jurisdictions in which it operates,” Binance wrote. “These measures are necessary to meet those requirements and to help maintain a safe and secure environment for our users and their assets.”
Restrictions on Shelbit and Aban Tether Exchange took effect August 7, while A7 Nigeria, A7 Africa and PilotFinance Ltd. were cut off as of August 13.
Beginning August 23, the list expands to include Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode/Exnode Pay, HTX (Huobi Global SA) and EXMO Ltd.
The move follows the EUs sanctioning of HTX in July for allegedly helping Russia circumvent sanctions, in part by allegedly providing financial services for A7 Limited Liability Company, a Russia-linked cross-border payments firm, seemingly connected to A7 Nigeria and A7 Africa.
Nearly every firm blocked by Binance, outside of Shelbit and Aban, was also named in the EU‘s updated sanctions list. The EU accused these entities of “frustrating” restrictions related to Russia’s invasion of Ukraine. Shelbit and Aban were sanctioned by the U.S. Treasury Department over alleged Iran-linked money laundering and sanctions evasion.
The UK separately sanctioned HTX earlier this year for alleged connections to Russia and for publishing unlawful financial promotions, though TRM Labs claims the exchange had been rotating hot wallets and funding addresses to evade those restrictions.
Binance users should refrain from sending or receiving funds through Binance that involve the 16 named entities after their specific cutoff date. Afterward, transactions involving these entities will trigger a compliance review that may result in wallet restrictions, Binance said.
HTX rebranded from Huobi after TRON founder and longtime crypto investor Justin Sun acquired a major stake in the exchange in 2022 through an investment vehicle.
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