Binance says it has stop processing transactions involving 17 cryptocurrency-asset service providers and platforms following recent regulatory developments.
In a notice to users on Saturday, the cryptocurrency
exchange listed the affected entities and dates from which transactions
involving them will no longer be processed.
The crypto platform said the restrictions take effect in
phases, with Shelbit (Shelbit General Trading LLC), which operates in the UAE
and Iran, and Aban Tether Exchange, which operates in Iran, affected from
August 7.
According to the statement, A7 Nigeria, which operates in
Nigeria, A7 Africa, which operates in Nigeria and Zimbabwe, and PilotFinance
Ltd, based in Nigeria, was affected from August 13.
From August 23, the firm said the restrictions will apply to
Rapira and Aifory Pro (Sooty Ltd.), both of which operates in Georgia, ABCeX
(Nueva Cryptologia S.A.S DE C.V.), which has links to El Salvador and Georgia,
WhiteBird and Tradex (Brightum LLC), based in Belarus, and NoOnecrypto INC.,
which operates internationally.
Binance said the restrictions will also apply to Monease
Ltd, based in the UK, BitPapa, which operates in the UAE, Exnode and Exnode Pay
(Arvix), based in Georgia, HTX (Huobi Global SA), founded in China, and EXMO
Ltd, which operates in the UK and Europe.
The company instructed users not to directly or indirectly
send to, receive from, or otherwise engage in transactions through Binance
involving the listed entities after the respective effective dates.
“Any transactions attempted on or after these dates, may be
held and subject to a compliance review,” Binance said.
The exchange said restrictions may be applied to affected
wallets while the review is ongoing, adding that such activity may also
constitute a breach of its terms of use.
Binance asked users not to disclose, publish or share their
wallet addresses with any third party or platform in a manner that may
associate them with the prohibited crypto-asset service providers or platforms.
The company warned that failure to keep wallet addresses
confidential could expose users to dusting attacks or unauthorised account
activities.
“Binance is required to adhere to the regulatory
requirements in the jurisdictions in which it operates,” the statement reads.
“These measures are necessary to meet those requirements and
to help maintain a safe and secure environment for our users and their assets”
The exchange said users with questions can contact its
support.
The firm’s move follows recent regulatory actions, including
new European Union (EU) and United States (US) sanctions targeting crypto-asset
service providers accused of helping Russia circumvent sanctions.
On August 7, the US Treasury sanctioned Shelbit, a
Dubai-based crypto exchange, alleging that it facilitated transactions
involving Iran’s Islamic Revolutionary Guard Corps and other Iranian-linked
entities.
Aban Tether Exchange, an Iran-based exchange, was also
sanctioned over transactions involving sanctioned Iranian entities.
On July 23, the Council of the EU announced the adoption of
its 21st package of “restrictive measures” or economic sanctions against Russia
for its 2022 invasion of Ukraine.
As part of the sanctions, the EU restricted some crypto
platforms including PilotFinance Ltd, Rapira, Aifory Pro (Sooty Ltd),
WhiteBird, NoOnecrypto INC, Tradex (Brightum LLC), Monease Ltd, and BitPapa.
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