Binance has announced that it will stop processing transactions involving A7 Nigeria and 16 other cryptocurrency-asset service providers and platforms following recent regulatory developments.
The cryptocurrency exchange disclosed this in a notice to users, stating that the restrictions would take effect in phases across multiple countries.
Binance however, did not disclose the specific regulatory developments that prompted the restrictions.
According to the notice, Shelbit General Trading LLC, operating in the United Arab Emirates and Iran, and Aban Tether Exchange in Iran were affected from Aug. 7.
From Aug. 13, the restrictions were extended to A7 Nigeria, A7 Africa and PilotFinance Ltd, all operating in Nigeria.
The exchange said that from Aug. 23, the restrictions would also apply to Rapira and Aifory Pro (Sooty Ltd.), operating in Georgia; ABCeX (Nueva Cryptologia S.A.S DE C.V.), with links to El Salvador and Georgia; WhiteBird and Tradex (Brightum LLC) in Belarus; and NoOnecrypto INC., which operates internationally.
Other entities listed include Monease Ltd in the United Kingdom, BitPapa in the UAE, Exnode and Exnode Pay (Arvix) in Georgia, HTX (Huobi Global SA), and EXMO Ltd, which operates in the UK and Europe.
Binance advised users not to directly or indirectly send funds to, receive funds from or otherwise engage in transactions through the exchange 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.
It added that restrictions could be placed on affected wallets while compliance reviews were ongoing, warning that such activities could also constitute a breach of its terms of use.
The exchange also cautioned users against disclosing, publishing or sharing wallet addresses with third parties or platforms in a manner that could associate them with the affected crypto-asset service providers.
Binance said exposing wallet addresses could increase the risk of dusting attacks or unauthorised account activity.
“Binance is required to adhere to the regulatory requirements in the jurisdictions in which it operates.
“These measures are necessary to meet those requirements and to help maintain a safe and secure environment for our users and their assets,” the company said.
Binance advised users seeking clarification on the restrictions to contact its support team.
