Binance Blocks HTX and EXMO. Sixteen Platforms Cut Off Amid Sanctions Push

Binance has announced it will cease processing transactions with 11 crypto trading platforms from 23 August, extending an earlier round of restrictions that already saw five smaller platforms cut off this month. The exchange cited "recent regulatory developments" for the decision but did not name a specific action.

The 16 affected platforms align with the 14 crypto-related entities named in the EU's 21st Russia sanctions package, adopted in July, plus Shelbit and Aban Tether Exchange, which were added by the US Treasury on 7 August. HTX and EXMO are among the most prominent platforms on the list.

HTX, formerly Huobi, contests the UK's May designation, arguing it applies only to a separate legal entity; the UK sanctions authority maintains the exchange is covered through common ownership. HTX's daily spot volume has slid from a peak above $5 billion in late 2025 to $572.8 million as of 14 August, according to CoinGecko. EXMO, by contrast, has said it is winding down operations entirely rather than disputing the designation.

Other platforms had already begun limiting exposure to HTX, with transfers linked to the exchange being rejected by Bybit and Telegram Wallet ahead of Binance's announcement. Binance itself continues to face scrutiny over its compliance record: it paid roughly $4.3 billion in November 2023 to settle criminal and civil charges with the US Department of Justice, FinCEN and OFAC, and accepted an independent monitor as part of that agreement. In April, Senator Richard Blumenthal asked the DOJ and Treasury for an update on that monitorship, citing reports of Iran-linked transfers through Binance-associated accounts, which Binance disputes. The exchange also withdrew its MiCA licence application in Greece in June and has not yet secured authorisation elsewhere in the EU.

The block takes effect on 23 August. Binance said transactions attempted with the listed platforms after that date may be held for compliance review, with restrictions potentially applied to affected wallets while reviews are under way. For brokers, the move is a sign that counterparty due diligence is increasingly happening upstream, as large exchanges filter out sanctioned platforms before smaller firms have to.