The world's largest cryptocurrency exchange has completed a three-stage cleanup of its settlement network. Since August 23, Binance has ceased processing operations with eleven crypto services, including notable platforms such as HTX and EXMO. Earlier, at the beginning of the month, five other platforms had already been restricted. This is the most extensive wave of disconnections in recent times, and it is radically changing the landscape for users from unfriendly jurisdictions.
How the blocking unfolded and what caused it
The August wave of restrictions developed sequentially. First, on August 7, Shelbit and Aban Tether Exchange were banned. Then, on August 13, it was the turn of settlements with A7 Nigeria, A7 Africa, and PilotFinance. The final and most extensive stage came on August 23, when HTX, EXMO, as well as Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, and Exnode were blacklisted.
In its official notice, the exchange cites abstract "regulatory changes" without directly mentioning Russia. However, an analysis of the list leaves no doubt: the vast majority of these services are linked to circumventing Western sanctions against Moscow. Almost all platforms, except for the first two, appear in the 21st package of EU sanctions from July 23. Brussels directly accused them of helping Russia. The U.S. Treasury's Office of Foreign Assets Control added two Iranian platforms, while HTX had previously been separately noted by the UK.
The phased nature of the bans is not a coincidence but a signal. Pressure on settlement infrastructure is intensifying, and Binance, operating under the license of the European MiCA regime, is forced to comply unconditionally with EU requirements. Users who send funds to these services after the cutoff risk transaction delays and wallet freezes during the investigation.
Market reaction: a debate on fairness and lessons
A discussion has unfolded in the community: why did the blow again fall on Binance rather than other major platforms? The answer is obvious—business obeys the rules of the country where it operates. Binance seeks to retain its European license, so it must be flawless. This means that competitors will sooner or later experience similar pressure.
The main lesson for users is that keeping funds on centralized exchanges is risky. Binance freely processed transfers with blocked services and then suddenly closed the channels. The logic is simple: "not your wallet, not your coins." If an exchange suddenly cuts off familiar withdrawal routes, a user risks losing access to their money.
It won't be possible to completely abandon exchanges—they are used to convert cryptocurrency into fiat and conduct P2P transactions. The compromise proposed by market participants is to store bitcoins in a non-custodial wallet and deposit funds to the platform only for a specific operation. This minimizes risks, especially if news of a ban reaches someone with a delay.
What this means for Russia's crypto market
Expert assessments vary. Deputy Anton Tkachev believes the market has long perceived such measures as the norm. Lawyer Maria Agranovskaya calls the blow critical but not fatal: cryptocurrency that has passed through sanctioned participants becomes "tainted," which threatens isolation and the growth of the gray segment.
The novelty of Brussels' approach is that an entire intermediary jurisdiction, with all its exchangers and wallets, can now be disconnected. The ruble stablecoin A7A5 also became a target, through which, according to Chainalysis, transactions worth nearly $93.3 billion were processed. However, the very nature of decentralized assets prevents the circuit from being fully closed within the country. Banks with ready-made infrastructure will benefit, while small capital and startups will lose out.
My view: This is not a one-off action but the beginning of a systemic restructuring. Binance is sacrificing part of its audience to maintain access to Western markets. For users from Russia, this is a signal: relying on "gray" schemes through major exchanges is becoming increasingly dangerous. The future lies with non-custodial solutions and decentralized protocols, but before a mass transition, the market will still go through a series of painful disconnections.