Binance cuts off 17 crypto platforms, including three Nigerian operators

Binance has halted transactions involving 17 cryptocurrency asset service providers, including three Nigeria-linked platforms, over what it called recent regulatory developments. The restrictions take effect from August 13 for A7 Nigeria, A7 Africa and PilotFinance Ltd, all based in Nigeria.

In a statement, Binance did not disclose the specific regulatory developments that triggered the action across multiple countries. The exchange said it is required to comply with rules in the jurisdictions where it operates.

Affected platforms and dates

The Nigeria-linked platforms affected are A7 Nigeria, which operates in Nigeria; A7 Africa, which operates in Nigeria and Zimbabwe; and PilotFinance Ltd, which is based in Nigeria. These restrictions apply from August 13.

For Shelbit (Shelbit General Trading LLC), which operates in the UAE and Iran, and Aban Tether Exchange, which operates in Iran, restrictions take effect in phases.

From August 23, restrictions will apply 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 facing restrictions 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, operating in the UK and Europe.

Compliance review warning

Binance warned users not to transact with the affected entities after the restriction dates. It also said users should not disclose, publish or share their wallet addresses with any third party or platform in a way that may associate them with the prohibited service providers.

“Any transactions attempted on or after these dates may be held and subject to a compliance review,” Binance said. The exchange may apply restrictions to affected wallets while the review is ongoing, 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 read. “These measures are necessary to meet those requirements and to help maintain a safe and secure environment for our users and their assets.”

What it means for Nigerian users

For Nigerian crypto users and businesses, the move means any transaction with A7 Nigeria, A7 Africa, PilotFinance or the other listed platforms could be frozen or reviewed by Binance. Nigerian platforms and traders who deal with these entities will have to find alternatives or face compliance blocks on Binance.