Binance Restricts Transactions with 16 Crypto Platforms Amid Sanctions Compliance

Binance, one of the largest cryptocurrency exchanges in the world, is restricting transactions involving 16 crypto and payment platforms. The restrictions are part of a three-phase process aimed at complying with new regulatory requirements.

The affected platforms include HTX, EXMO, and nine others that will be blocked from August 23. Binance has already restricted transactions involving five providers since August 7.

The move is a result of recent sanctions on Iranian or Russian-related services. The US Treasury's Office of Foreign Assets Control (OFAC) identified two Iran-based exchanges, Shelbit and Aban Tether Exchange, as being involved in sanctions evasion efforts and linked to Iran's Islamic Revolutionary Guard Corps.

Binance clients may transfer crypto to or from the remaining platforms until August 23. However, any wallets attempting transactions with the restricted platforms will be subject to further internal compliance checks, and accounts can be temporarily suspended while exchanges investigate.