Binance says it has stopped processing transactions involving 17 cryptocurrency-asset service providers and platforms following recent regulatory developments.
In a notice to users on Saturday, the cryptocurrency exchange listed the affected entities and the dates from which transactions involving them would no longer be processed. Binance did not disclose the specific regulatory developments that prompted the restrictions across multiple countries. The exchange said the restrictions would take effect in phases.
Shelbit (Shelbit General Trading LLC), which operates in the UAE and Iran, and Aban Tether Exchange, which operates in Iran, were affected from August 7. From August 13, the restrictions applied to A7 Nigeria and A7 Africa, which operate in Nigeria, as well as PilotFinance Ltd, based in Nigeria.
From August 23, Binance said the restrictions would extend to Rapira and Aifory Pro (Sooty Ltd.), both operating in Georgia; ABCeX (Nueva Cryptologia S.A.S DE C.V.), which has links to El Salvador and Georgia; WhiteBird and Tradex (Brightum LLC), based in Belarus; and NoOnecrypto INC., which operates internationally.
The exchange also listed Monease Ltd, based in the UK; BitPapa, which operates in the UAE; Exnode and Exnode Pay (Arvix), based in Georgia; HTX (Huobi Global SA), founded in China; and EXMO Ltd, which operates in the UK and Europe.
Binance instructed users not to directly or indirectly send to, receive from or otherwise engage in transactions through Binance involving the listed entities after the respective effective dates.
“Any transactions attempted on or after these dates, may be held and subject to a compliance review,” Binance said. The exchange said restrictions may be applied to affected wallets while reviews are ongoing, adding that such activity could also constitute a breach of its terms of use.
Binance also advised users not to disclose, publish or share their wallet addresses with any third party or platform in a way that could associate them with the prohibited crypto-asset service providers or platforms. The company warned that failure to keep wallet addresses confidential could expose users to dusting attacks or unauthorised account activity.
“Binance is required to adhere to the regulatory requirements in the jurisdictions in which it operates,” the statement reads. “These measures are necessary to meet those requirements and to help maintain a safe and secure environment for our users and their assets” The exchange said users with questions about the restrictions could contact its support team.