Binance Blocks Transactions with 16 Crypto Firms Amid Tightening Sanctions
Binance has announced that it will stop processing transactions involving 16 cryptocurrency exchanges and service providers on August 23. The move is in response to tightening sanctions around platforms accused of facilitating payments linked to Russia and Iran.
Fifteen of the firms have already been cut off, with restrictions taking effect on different dates ranging from August 7 to August 13. Binance cited regulatory requirements as the reason for its decision, stating that it must adhere to requirements in jurisdictions where it operates.
The European Union added several of these companies to sanctions measures connected to Russia in July, accusing them of helping frustrate restrictions imposed over Russia's invasion of Ukraine. HTX, a major global centralized exchange formerly known as Huobi, is on the list and has been accused of providing financial services connected to A7 Limited Liability Company.
This move highlights how sanctions can isolate a crypto platform even without shutting it down directly, reducing access to liquidity, counterparties, and international users. The restrictions do not prevent HTX from operating but can make moving assets between Binance and the exchange more difficult.