Binance said it will stop processing transactions involving 16 crypto-asset service providers following what it described as regulatory developments. The exchange warned that transfers attempted after the relevant cutoff dates may be held for compliance review, and wallets linked to those transactions could face temporary restrictions while checks are underway.

The notice, announced on Aug. 14, sets three separate effective dates. Binance told users not to send funds to, receive assets from, or otherwise interact directly or indirectly with the listed entities after each deadline.

Three stages of restrictions

The earliest restrictions took effect on Aug. 7 for Shelbit and Aban Tether Exchange. A second group was added on Aug. 13, covering A7 Nigeria, A7 Africa and Pilotfinance Ltd.

A larger final wave is scheduled for Aug. 23. Binance said that group includes HTX, EXMO, Rapira, Aifory Pro, ABCeX, WhiteBird, Noonecrypto Inc., Tradex, Monease Ltd., Bitpapa and Exnode, including Exnode Pay.

According to the exchange, any transaction involving those platforms that is attempted on or after the applicable date may be stopped and reviewed. Binance also said such activity could breach its Terms of Use.

Sanctions backdrop

The move follows sanctions actions in the United States and the United Kingdom. U.S. authorities sanctioned Shelbit and Aban Tether on Aug. 7 through the Office of Foreign Assets Control, or OFAC.

The source article says authorities alleged that addresses tied to Shelbit exchanged more than $3 million with addresses linked to Iran’s Islamic Revolutionary Guard Corps, while Aban Tether processed transactions involving Iranian exchanges. It also noted that earlier enforcement involving Nobitex, Wallex, Bitpin and Ramzinex had already increased scrutiny of exposure to Iranian trading venues.

In the U.K., authorities issued 18 sanctions designations targeting cryptocurrency exchanges and the Kremlin-backed A7 network. Those measures allegedly affected entities including EXMO Exchange Ltd., Rapira Group LLC, Sooty Ltd., Bitpapa, Nueva Cryptologia and Huobi Global.

A7 network drew added attention

The report says the A7 network has been expanding alternative cross-border settlement channels as compliance pressure rises. It described A7 as serving more than 10,000 trade partners and handling a significant share of Russia’s international settlements.

Its ruble-backed stablecoin has reportedly exceeded $100 billion in aggregate transaction volume, according to the source article. Binance’s restrictions capture several entities linked to that wider sanctions focus, including platforms added in the Aug. 13 and Aug. 23 phases.

What Binance says happens next

Binance said users remain responsible for confirming the destination, network and counterparty before making transfers. The exchange emphasized that transactions involving the named platforms after the deadlines may be delayed or blocked while compliance teams review them.

The company has expanded its compliance operations amid scrutiny over transactions involving restricted parties, and the source article says Binance reported a large decline in sanctions-related exposure while employing more than 1,500 staff in compliance. The last confirmed implementation date in the current notice is Aug. 23, when the final group of platform restrictions is due to take effect.

Source: news.bitcoin.com