Binance Blocks Transactions with 17 Cryptocurrency Platforms Amid Sanctions Crackdown

Binance has tightened its compliance measures by blocking transactions involving 17 cryptocurrency platforms and service providers. The restrictions, which will take effect in phases, cover entities operating in various jurisdictions, including Nigeria, the United Arab Emirates, Iran, Georgia, Belarus, and the UK.

The exchange identified Shelbit General Trading LLC, A7 Nigeria, A7 Africa, PilotFinance Ltd, and several others as affected entities. Transactions involving these platforms will be restricted from August 13 for some entities, while others will face restrictions starting August 23.

Binance warned users not to transact with the listed service providers, citing potential risks, including dusting attacks and unauthorized account activity. The exchange also emphasized its obligation to comply with regulatory requirements in the jurisdictions where it operates.