Binance Cuts Off 16 Crypto Exchanges Over Sanctions Concerns

Binance, the world's largest cryptocurrency exchange, has announced it will stop processing transactions involving 16 crypto exchanges and payment platforms in response to expanded sanctions targeting Russia and Iran-linked networks.

The move follows EU sanctions on HTX and other listed firms for allegedly helping Russia circumvent restrictions tied to the Ukraine invasion. Binance cited regulatory compliance needs as the reason for cutting off these entities, which includes five that were already blocked.

The exchange said it will no longer process transactions involving a group of crypto-asset service providers and exchanges, including HTX (formerly Huobi), a significant global centralized exchange. The restrictions are being applied in three stages through August, with another 11 entities set to be blocked on August 23.