Binance to restrict transactions involving HTX and 10 other crypto platforms
Binance will stop processing transactions involving HTX and 10 other cryptocurrency platforms and service providers from Aug. 23. The decision comes amid regulatory developments and sanctions targeting several crypto market participants.
The restrictions will apply to HTX, Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto INC., Tradex, Monease Ltd, BitPapa, Exnode and EXMO, Binance said in an Aug. 14 announcement.
Transactions may face additional compliance reviews
Once the restrictions take effect, the company will stop processing transactions involving the listed platforms. Attempts to conduct such transactions may result in funds being held and subjected to additional compliance reviews.
During the review process, Binance may also impose restrictions on wallets associated with the transactions. The company attributed the changes to recent regulatory developments.
One of the affected platforms is HTX, formerly known as Huobi. In late July, the European Union included it in its latest sanctions package targeting Russia.
Earlier, in May, the UK government imposed sanctions on Huobi Global S.A. British authorities said there were reasonable grounds to suspect that the company supported the Russian government by providing financial services or making funds and economic resources available to A7 LLC and Garantex Europe OU.
HTX rejected the allegations and said the sanctions applied exclusively to Huobi Global S.A., which it described as a separate legal entity. The company maintained that the exchange itself and its users' funds were unaffected.
However, the UK's Office of Financial Sanctions Implementation later said it considers HTX itself subject to the restrictions because the exchange is owned by Huobi Global.
In addition, the U.S. Treasury imposed sanctions on crypto services Shelbit and Aban Tether on Aug. 7.
Binance expands other areas of its business
As it tightens controls over transactions, Binance continues to expand products beyond traditional cryptocurrency trading. The company announced the launch of bStocks, a dedicated platform for tokenized U.S. securities on BNB Chain.
The assets offered on the platform are backed 1:1 by corresponding shares and are available for round-the-clock trading. Binance has also enabled the use of tokenized securities in decentralized finance applications.
Binance previously announced the third season of Traders League, including a separate Plasma (XPL) spot trading competition. Participants will compete based on their trading performance as part of a dedicated exchange campaign.
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