The world's largest cryptocurrency exchange continues to tighten the screws. Since August 23, Binance has officially stopped processing transactions with the HTX and EXMO platforms, as well as nine other services. This is the final stage of a large-scale purge, which has resulted in a total of 16 crypto platforms being banned. Notably, the wave of restrictions rolled out in three stages and was announced back in the middle of the month.
How the blocking unfolded
The first to be hit, back on August 7, were Shelbit and Aban Tether Exchange. Next, on August 13, it was the turn of A7 Nigeria, A7 Africa, and PilotFinance. Then, on August 23, the most extensive stage arrived: in addition to HTX and EXMO, Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, and Exnode were added to the blacklist.
Users were strongly advised not to send funds to these services or accept assets from them. Transfers made after the cutoff may be frozen for review, and wallets may be temporarily restricted. In essence, Binance is warning that such transactions will be considered a violation of the platform's terms of use.
What lies behind the decision
The formal reason cited in the notice is "recent regulatory changes" and the need to comply with the requirements of the jurisdictions where the exchange operates. However, Russia and specific sanctions packages are not mentioned in the text. Nevertheless, almost all entities on the list, except for Shelbit and Aban Tether, are included in the 21st package of European Union sanctions from July 23. Brussels directly accuses them of helping Moscow circumvent restrictions.
Other regulators have added to this: the U.S. Treasury's Office of Foreign Assets Control added two Iranian platforms to its list, and the UK had previously singled out HTX. The phased nature of the bans only confirms that pressure on settlement infrastructure is intensifying.
Market reaction and the main lesson
The community is actively discussing why Binance, rather than other major platforms, is again in the crosshairs. The answer is obvious: a business is forced to comply with the rules of the country where it operates or wants to operate. Binance operates under the license of the European MiCA regime, so it is obliged to fulfill EU requirements. It is logical to assume that competitors will eventually come under similar pressure.
The main takeaway market participants are drawing is that it is risky to hold funds on centralized platforms. Binance calmly processed transfers with blocked services and then suddenly cut off the channels. The situation vividly demonstrates the old truth: "not your wallet, not your coins."
Of course, completely abandoning exchanges won't work—they remain convenient for exchanging crypto for fiat and conducting P2P deals. A reasonable compromise is to store the bulk of your assets in a non-custodial wallet and only bring funds to the platform for a specific operation. This way, you minimize risks, especially if news about bans reaches you with a delay.
My view: This is not a one-off action but a systemic trend. The Western sanctions machine is targeting not point-specific measures but entire jurisdictions and their payment networks. Exchanges with impeccable compliance, such as Coinbase or Kraken, will win this race, while Binance and KuCoin are gradually losing ground. The market needs to get used to a new reality where access to global liquidity will be determined not by technology but by politics.