Binance announced on Friday (14) that it will block transfers involving 16 cryptoasset and payment platforms, following recent sanctions on services linked to Iran and Russia.
Phases of the restrictions
The measures will be applied in three phases. In the first, on August 7, Binance began blocking transfers involving Shelbit and Aban Tether Exchange, two Iranian exchanges sanctioned by the Office of Foreign Assets Control (OFAC), part of the U.S. Treasury. According to OFAC, these platforms helped move assets linked to sanctions evasion efforts and to Iran's Islamic Revolutionary Guard.
In the second phase, on August 13, A7 Nigeria, A7 Africa and PilotFinance were added to the list. The third phase begins on August 23, when Binance will no longer process transfers involving Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode, HTX and EXMO.
Impact on users
Until August 22, Binance customers can still transfer cryptoassets from or to the platforms in the third phase. The announcement does not imply the removal of HTX, EXMO or the assets available on those exchanges, but Binance will block transactions involving them. Wallets that attempt these operations may undergo internal compliance checks, and Binance may temporarily suspend accounts during the investigations.
