Binance to restrict transactions involving HTX, 10 other crypto platforms
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Binance announced it will stop processing transactions involving HTX and 10 other crypto platforms starting August 23. The decision follows recent regulatory developments, including HTX’s inclusion in the EU sanctions package targeting Russia. Transactions attempted after the date may be held for compliance review, and related wallets could face restrictions.
Why it matters
This move reflects Binance’s response to evolving regulatory pressures, aiming to comply with sanctions and reduce risk exposure. The restrictions affect cryptocurrency users and platforms by potentially limiting access to these services and imposing compliance checks.
Key context
HTX, formerly Huobi, was added to the EU’s sanctions package in late July for its alleged links to Russia. The UK government designated Huobi Global S.A. earlier, suspecting it supported Russia’s government financially. HTX has denied these allegations, but UK authorities maintain that the exchange falls under sanctions due to ownership links. The US Treasury also recently sanctioned other crypto entities, highlighting a broader regulatory crackdown.
Key numbers and entities
The platforms affected include HTX, Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto INC., Tradex, Monease Ltd, BitPapa, Exnode, and EXMO. The sanctions date noted for Binance’s action is August 23. Named regulators include the European Union, the UK government, the UK’s Office of Financial Sanctions Implementation, and the US Treasury.
What remains unclear
The source does not flag open questions but does note that transaction attempts might be held for compliance review without detailing specific criteria or duration. The exact impact on users and the affected platforms beyond transaction restrictions is also not elaborated.