Binance Restricts Transactions with 16 Crypto Platforms Amid Regulatory Developments

Binance has announced that it will end transactions with 16 crypto platforms due to regulatory developments. The exchange instructed users not to send funds to, receive assets from, or engage directly or indirectly with the named entities after their respective effective dates.

The restrictions took effect in three stages: August 7 for Shelbit and Aban Tether Exchange, August 13 for A7 Nigeria, A7 Africa, and Pilotfinance Ltd., and August 23 for the remaining platforms. Binance warned that attempted transfers may be held and subject to a compliance review, which could trigger temporary restrictions on affected wallets.

The U.S. authorities imposed sanctions on Shelbit and Aban Tether through an Office of Foreign Assets Control (OFAC) action on August 7, alleging that they exchanged over $3 million with Islamic Revolutionary Guard Corps addresses. The U.K. authorities also targeted cryptocurrency exchanges and the Kremlin-backed A7 network through 18 sanctions designations announced May 26.

A7 has promoted alternative cross-border settlement systems as Western governments tighten access to established financial channels. Binance has expanded its compliance operations, which include over 1,500 workers, representing about 25% of its global workforce. Users are responsible for confirming the destination, network, and counterparty before initiating an irreversible blockchain transfer.