Binance, the world's largest cryptocurrency exchange, has announced it will stop processing transactions involving 17 cryptocurrency-asset service providers and platforms across multiple countries, including Nigeria, the United Arab Emirates (UAE), and Iran. The move follows recent regulatory developments, though the exchange did not specify which developments prompted the restrictions.
In a notice to users on Saturday, Binance listed the affected entities and the dates from which transactions involving them would no longer be processed. The restrictions will take effect in phases, with some platforms affected as early as August 7 and others as late as August 23.
Phased Restrictions Across Multiple Jurisdictions
The first phase, effective from August 7, affects Shelbit (Shelbit General Trading LLC), which operates in the UAE and Iran, and Aban Tether Exchange, which operates in Iran. From August 13, the restrictions apply to A7 Nigeria and A7 Africa, both operating 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.
User Instructions and Compliance Measures
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. The exchange warned that any transactions attempted on or after these dates may be held and subject to a compliance review.
Restrictions may be applied to affected wallets while reviews are ongoing, and Binance added that such activity could constitute a breach of its terms of use. The exchange 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.
Security Warnings and Regulatory Compliance
Binance warned that failure to keep wallet addresses confidential could expose users to dusting attacks or unauthorised account activity. Dusting attacks involve sending tiny amounts of cryptocurrency to wallets to deanonymize their owners, which can lead to targeted phishing or other malicious activities.
According to the statement, "Binance is required to adhere to the regulatory requirements in the jurisdictions in which it operates. 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. The phased implementation suggests Binance is coordinating with regulators in multiple jurisdictions, though the lack of specific details leaves room for speculation about the underlying regulatory pressures, particularly in Nigeria, where crypto regulation has been tightening.
