Binance Bans 17 Crypto Platforms, Including 3 Linked to Nigeria
- Binance announced restrictions on 17 cryptocurrency platforms globally, with three Nigerian-linked entities
- The move followed US Treasury sanctions against a Dubai-based exchange and EU measures targeting platforms
- Binance warned users that any transactions involving the listed platforms after the effective dates
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Binance has blocked transactions involving three Nigerian cryptocurrency platforms as part of a broader set of restrictions covering 17 crypto-asset service providers across multiple countries.
The exchange disclosed the measures in a notice to users on Saturday, saying the restrictions would roll out in phases based on each platform's effective date.
The Nigerian entities caught up in the restrictions are A7 Nigeria, A7 Africa, which also operates in Zimbabwe, and Lagos-based PilotFinance Ltd. All three became subject to the new rules from August 13.
Source: UGC
What Binance Is Telling Users
Binance told users to stop sending funds to, receiving funds from, or conducting any transactions through its platform that involve the listed entities once their respective effective dates pass.
The exchange said in its notice:
"Any transactions attempted on or after these dates may be held and subject to a compliance review."
Binance added that wallets linked to restricted platforms could also be frozen while checks are carried out, and that attempting such transactions could put users in breach of its terms of use.
The exchange also cautioned users against sharing their wallet addresses with third parties in ways that could link them to any of the named platforms, citing risks from dusting attacks and unauthorised account activity. The Cable reports.
Why Binance Is Acting Now
The restrictions are tied to regulatory action taken by both the United States and the European Union against cryptocurrency platforms accused of helping sanctioned entities move money.
On August 7, the US Treasury placed sanctions on Shelbit, a Dubai-based exchange, alleging it had processed transactions for Iran's Islamic Revolutionary Guard Corps and other Iranian-linked entities. Iran-based Aban Tether Exchange was named in the same action.
Binance's restrictions on both platforms also took effect from August 7.
The EU, in a separate move, adopted its 21st package of sanctions against Russia on July 23.
The package targeted sectors including energy, financial services and cryptocurrency, and named several platforms that Binance has now restricted, among them PilotFinance, Rapira, Aifory Pro, WhiteBird, NoOnecrypto, Tradex, Monease and BitPapa.
Source: UGC
Beyond Nigeria, the restrictions cover platforms based in the UAE, Iran, Georgia, Belarus, the United Kingdom, El Salvador and China. From August 23, the restrictions will extend to Georgia-based Rapira and Aifory Pro, both operated by Sooty Ltd.
Binance said the measures were required to keep it in line with the rules of every jurisdiction where it operates.
It said:
"Binance is required to adhere to the regulatory requirements in the jurisdictions in which it operates. The steps were meant to protect users and their assets. Users with questions were directed to contact the exchange's support team."
NRS releases new tax rules for crypto investors
Earlier, Legit.ng reportd that the Nigeria Revenue Service (NRS) has published new Guidelines on the Taxation of Virtual Assets, creating a structured tax framework for cryptocurrency and other digital asset activities across the country.
The NRS announced in a public notice on Monday, August 3, saying the guidelines apply to a broad range of participants, including Virtual Asset Service Providers (VASPs), peer-to-peer marketplace operators, tax practitioners, and any individual or business engaged in virtual asset transactions.
The framework draws its authority from the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
Source: Legit.ng
