Cryptocurrency exchange Binance has announced that it will stop processing transactions involving 17 cryptocurrency-asset service providers and platforms, citing recent regulatory developments.
Gatekeepers News reports that in a notice to users, the exchange listed the affected platforms and specified the dates from which transactions involving them would no longer be processed. The affected entities operate across several jurisdictions, including Nigeria, the United Arab Emirates (UAE) and Iran.
Binance said the restrictions form part of its compliance measures in response to evolving regulatory requirements. The move means users will no longer be able to process certain transactions involving the listed platforms through Binance once the restrictions take effect.
The development comes amid increasing regulatory scrutiny of cryptocurrency exchanges and service providers globally. Binance has previously introduced similar restrictions involving other platforms as part of its compliance efforts.
The latest action also comes shortly after reports that two Binance employees were detained in the UAE over an investigation involving financial activities connected to the exchange. Binance said the employees were later released and described the matter as relating to routine inquiries concerning third-party fund flows.
The exchange’s latest announcement is expected to affect users who rely on the listed platforms for cryptocurrency transactions and transfers.
