Binance Blocks Transfers to 11 Crypto Platforms Amid EU Sanctions

The cryptocurrency exchange Binance has announced that it will stop processing transfers to and from 11 crypto platforms, including HTX, starting on August 23. This decision is in compliance with tightening regulatory rules in the European Union.

The list of affected platforms matches exactly the names listed in the EU's latest sanctions package, which was adopted on July 23. Binance has stated that it did not draw up this list, and is simply following the regulations imposed by the EU.

HTX, one of the affected exchanges, has been under scrutiny for its ties to A7 LLC, a Russian payment network that has been sanctioned by the US Treasury. The UK Treasury froze HTX's assets on May 26, citing its provision of financial services to A7 LLC and Garantex Europe OU.

Traders who use Binance to move funds between these platforms will lose this route, and users are advised not to send or receive funds from the affected exchanges. The EU ban is expected to take effect on August 23, and users have nine days to clear any outstanding transactions.