August 23 became the day when Binance enacted the most extensive package of restrictions in recent months. The platform stopped processing operations with eleven crypto services, including well-known brands such as HTX and EXMO. This is the final point of a three-stage process that users were warned about as early as mid-month. In total, 16 platforms were cut, and this step is not just a technical update, but a clear signal of how the balance of power on the global market is shifting.
How the block developed
The wave of restrictions grew gradually. From August 7, Binance stopped working with Shelbit and Aban Tether Exchange. From August 13, it was the turn of A7 Nigeria, A7 Africa, and PilotFinance. And then, on August 23, the aforementioned HTX and EXMO, as well as Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, and Exnode, came under fire. Users were strongly advised not to send funds to these addresses and not to accept assets from them — any operations after the cutoff will be frozen for review, and wallets risk temporary restrictions.
Binance's official wording sounds vague: a reference to "recent regulatory changes" and the need to comply with the requirements of the jurisdictions where the exchange operates. However, neither Russia nor a specific EU sanctions package is mentioned in the text. Nevertheless, almost all entities on the list, except for Shelbit and Aban Tether, had already appeared in the 21st EU sanctions package of July 23. Brussels directly accused them of helping Moscow circumvent restrictions. Additionally, the U.S. Office of Foreign Assets Control added two Iranian platforms, and HTX had previously been separately flagged by the UK.
Logic and consequences
In the community, a question immediately arose: why did the blow again fall on Binance, and not on other giants? The answer is obvious to anyone following regulatory matters: Binance operates within the European MiCA regime and is forced to comply with EU requirements. This makes it a hostage to geopolitics, and competitors will sooner or later experience similar pressure. Notably, Coinbase, Kraken, and Gemini, with their pro-Western compliance infrastructure, come out ahead in this situation, while Binance and KuCoin lose ground.
For the Russian crypto market, this decision is another nail in the coffin of "gray" schemes. Discussion participants reasonably note that holding funds on centralized platforms is now risky. The exchange can cut off withdrawal channels at any moment, and the user will be left with assets locked inside. The compromise that experienced players offer is to store bitcoins in non-custodial wallets and deposit them to the exchange only for a specific transaction. This is not a panacea, but it at least reduces the chances of falling into such a trap.
My view: This step by Binance is not a one-off action, but part of systemic pressure on settlement infrastructure. It will not be possible to completely isolate the Russian circuit due to the very nature of decentralized assets, but each new sanctions package makes it increasingly fragmented and expensive to maintain. The market adapts, but the price of this adaptation grows every month.