Binance has announced to all of its users on Friday that it will stop processing transactions with 16 crypto platforms, including major exchange HTX and EXMO, set to be done in a gradual manner till the end of August, and tied to recent sanctions against Russian and Iranian networks.
The world’s largest crypto exchange published the announcement today, which was addressed to its entire user base and not to just accounts in any particular country or geographical region. Binance said it would no longer handle direct or indirect transactions involving the named service providers, and pointed to “recent regulatory developments” as the reason for this step.
Three dates spread across August
Shelbit, registered as Shelbit General Trading LLC, and Aban Tether Exchange faced the initial cutoffs, effective August 7. A7 Nigeria, A7 Africa, and PilotFinance Ltd were officially cut off on August 13.
The largest group is set to take effect on August 23. This cutoff will involve Rapira, Aifory Pro (Sooty Ltd), ABCeX (Nueva Cryptologia S.A.S DE C.V.), WhiteBird, NoOnecrypto INC., Tradex (Brightum LLC), Monease Ltd, BitPapa, Exnode and Exnode Pay (Arvix), HTX (Huobi Global SA), and EXMO Ltd, according to the exchange’s published notice.
HTX and EXMO both stand out on this list. as they both rank among the larger names positioned in the restrictions.
Why is Binance restricting crypto platforms?
Binance did not name any specific regulator, but the list lines up closely with recent government action. The 14 platforms in the August 13 and August 23 waves match, entity for entity, the crypto services named in the European Union’s 21st sanctions package against Russia.
The two remaining names, Shelbit and Aban Tether, were designated by the US Treasury’s Office of Foreign Assets Control on August 7 as part of an action against networks that the Treasury said served the Iranian regime.
The EU ban binds only firms within its jurisdiction, however, while Binance’s announcement carries no jurisdictional limit.
Binance has warned that transactions attempted with a listed entity on or after its effective date may be placed on hold for compliance review, and that the associated wallet can face restrictions while the review is ongoing. Such activity may also breach Binance’s terms of use.
HTX pushes back
HTX, formerly Huobi, has disputed the scope of the ban and restrictions. The exchange has said the sanctioned Panamanian-registered entity is separate from its trading operations and that compliance remains a priority for its operations. It’s also worth noting that sanctions remain an administrative measure and are not necessarily a criminal conviction, with none of the named platforms convicted of an offense in connection with these actions.
Several of the platforms have, however, been marked for sanctions before. The UK’s Foreign, Commonwealth and Development Office designated 18 entities and individuals on May 26, including HTX, EXMO, BitPapa, and Rapira, in an action it claimed targeted the so-called A7 network. EXMO has announced that it is winding down.
Binance has also spent months defending its record of sanctions. The company says its sanctions exposure dropped 96.8% between January 2024 and July 2025 and that its compliance team currently has almost 1,500 staff, which is equal to about a quarter of its global employee headcount.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It’s free.
Be the first to comment