Binance has stopped processing transactions involving 17 cryptocurrency asset service providers, among them three platforms linked to Nigeria, citing recent regulatory developments. The restrictions took effect from August 13 for A7 Nigeria, A7 Africa and PilotFinance Ltd.
In its statement, the exchange did not specify the particular regulatory changes that prompted the action across multiple countries. Binance said it is obliged to comply with the rules of the jurisdictions in which it operates.
The Nigeria-linked entities are A7 Nigeria, which operates in Nigeria; A7 Africa, which operates in Nigeria and Zimbabwe; and PilotFinance Ltd, which is based in Nigeria. Restrictions on these three platforms apply from August 13.
Other Platforms and Phased Restrictions
Restrictions on Shelbit (Shelbit General Trading LLC), which operates in the UAE and Iran, and Aban Tether Exchange, which operates in Iran, are being applied in phases.
From August 23, the measures extend to Rapira and Aifory Pro (Sooty Ltd.), both operating in Georgia; ABCeX (Nueva Cryptologia S.A.S DE C.V.), linked to El Salvador and Georgia; WhiteBird and Tradex (Brightum LLC), based in Belarus; and NoOnecrypto INC., which operates internationally.
Also covered are Monease Ltd, based in the UK; BitPapa, operating in the UAE; Exnode and Exnode Pay (Arvix), based in Georgia; HTX (Huobi Global SA), founded in China; and EXMO Ltd, which operates in the UK and Europe.
Compliance Warning to Users
Binance cautioned users against transacting with any of the affected entities after the relevant restriction dates. It also advised users not to disclose, publish or share their wallet addresses with third parties or platforms in a manner that could link them to the prohibited service providers.
“Any transactions attempted on or after these dates may be held and subject to a compliance review,” the exchange stated. Binance may place restrictions on affected wallets while reviews are under way, and such activity may also breach its terms of use.
“Binance is required to adhere to the regulatory requirements in the jurisdictions in which it operates,” the statement added. “These measures are necessary to meet those requirements and to help maintain a safe and secure environment for our users and their assets.”
Implications for Nigerian Users
For Nigerian crypto users and businesses, any dealings with A7 Nigeria, A7 Africa, PilotFinance or the other listed platforms risk being frozen or subjected to compliance review by Binance. Local platforms and traders that interact with these entities will need to seek alternative channels or face potential blocks on the exchange.
