Binance To Cut Off HTX, EXMO and 14 Other Crypto Platforms Over EU, US Sanctions

Binance, the world's largest cryptocurrency exchange, has announced it will stop processing transactions involving 16 crypto exchanges and payment platforms, including HTX, in response to expanded sanctions targeting Russia and Iran-linked networks. Binance said it will no longer process transactions from 16 exchanges, including five that were already blocked, citing regulatory compliance needs. The move follows EU sanctions on HTX and the other listed firms for allegedly helping Russia circumvent restrictions tied to the Ukraine invasion.

What Binance Announced

Binance said it will no longer process transactions involving a group of crypto-asset service providers and exchanges, citing compliance concerns, according to an announcement on Friday. While most of the named entities are low-volume and little-known platforms, HTX (formerly Huobi), a significant global centralized exchange, was also on the list. Binance to Launch Commodity Options on Gold and Silver.

The exchange said in its notice that it is required to adhere to regulatory requirements in the jurisdictions where it operates, and that the measures are necessary to maintain a safe environment for users and their assets.

Phased Rollout Across August

The restrictions are being applied in three stages through August. Restrictions on Shelbit and Aban Tether Exchange took effect on August 7, while Binance stopped processing transactions involving A7 Nigeria, A7 Africa and PilotFinance Ltd. on August 13. Another 11 entities will be blocked beginning August 23: Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode/Exnode Pay, HTX, formerly Huobi, and EXMO Ltd.

Binance has warned users against sending or receiving funds through the platform involving these entities after their respective cutoff dates. Transactions attempted after enforcement may be held pending a compliance review, and temporary restrictions may also be applied to related wallets during the review period. Binance and CEO Changpeng Zhao Sued by US CFTC Over Trading and Derivative Violations.

The Sanctions Behind the Move

The European Union adopted its 21st sanctions package on July 23, targeting 14 cryptocurrency services that the bloc's council assessed had been used by Russian structures to circumvent sanctions. The listed services span six jurisdictions, including the United Arab Emirates, Georgia, Kyrgyzstan, and Belarus. Two additional platforms, Shelbit and Aban Tether, were sanctioned separately by the US Treasury's Office of Foreign Assets Control on August 7 over alleged Iran-linked sanctions evasion.

Several of the listed services had served as intermediaries between ruble transfers and stablecoins routed to global exchanges, including HTX, EXMO, and Rapira.

HTX's Response and Prior UK Action

Before the EU action, the UK government designated Huobi Global S.A. on May 26 as part of sanctions targeting financial and crypto networks accused of helping Russia evade restrictions. British authorities said they had "reasonable grounds to suspect" that Huobi Global had supported the Russian government by providing financial services or making funds available to sanctioned entities.

HTX initially disputed the reach of the designation, arguing that Huobi Global S.A. was a separate legal entity and that its online exchange and customer funds were not affected. The exchange has said regulatory compliance remains a priority in the jurisdictions where it operates.

HTX's daily spot trading volume has declined sharply, from a peak above $5 billion in late 2025 to $572.8 million as of August 14, according to CoinGecko. EXMO's position is more serious, with the exchange saying it is winding down operations entirely rather than contesting the designation.

Broader Market Impact

The curbs are expected to thin liquidity and raise costs for Russian peer-to-peer trading, though much of that activity is likely to shift toward untouched services, Telegram-based exchangers, and cash. Binance announced its departure from Russia in September 2023, selling its Russian business to the exchange COMMEX, and later ended its partnership with the payment system AdvCash, which had enabled ruble deposits and withdrawals through sanctioned Russian banks.

(The above story first appeared on LatestLY on Aug 15, 2026 11:42 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).