Key facts
- Binance will stop processing transactions involving HTX and 10 other crypto platforms starting August 23.
Binance announced it will cease processing transactions involving HTX and 10 other crypto platforms and service providers starting August 23, citing recent regulatory developments. HTX was recently added to the EU's sanctions package targeting Russia.
The move by Binance, a major global crypto exchange, to restrict transactions with HTX and other platforms highlights the increasing pressure on crypto entities to comply with international sanctions and regulatory frameworks, potentially fragmenting the market and impacting liquidity.
Binance announced it will cease processing transactions for HTX and 10 other listed crypto platforms and service providers starting August 23, citing recent regulatory developments. HTX, formerly Huobi, was recently included in the European Union's sanctions package targeting Russia in late July.
The UK government also designated Huobi Global S.A. in May, alleging it supported Russia's government by providing financial services or making funds available to specific entities. HTX has denied these allegations, asserting that the designation applies only to a separate legal entity and that its online exchange and user funds remain unaffected. However, the UK's Office of Financial Sanctions Implementation stated it considers the HTX exchange itself subject to the sanctions due to its ownership structure.
Separately, the US Treasury sanctioned Shelbit and Aban Tether on August 7. Binance stated that transactions attempted on or after the effective date may be held for compliance review, and restrictions could be applied to impacted wallets during this process.