Key Highlights
- Bitget is restricting transactions linked to 16 crypto platforms and entities, including HTX and EXMO.
- The restrictions are being introduced in three stages, with the largest wave starting August 23.
- The move follows recent U.S. and EU sanctions, with Binance taking similar action against several of the same platforms.
Crypto exchange Bitget is tightening controls on transactions linked to 16 crypto platforms and entities, including HTX and EXMO, following recent U.S. and EU regulatory actions.
In a blog post published on Saturday, the exchange said the restrictions would be introduced in three stages on August 7, August 13, and August 23. The measures apply to transactions processed through the platform.
Bitget said transactions connected directly or indirectly to the named entities could be subject to review, rejection, or account restrictions. In some cases, accounts could also be terminated if the activity violates Bitget’s terms.
The first group was affected on August 7 and includes Aban Tether Exchange and Shelbit General Trading LLC. The second group followed on August 13, covering A7 Africa, A7 Nigeria, and PilotFinance Ltd.
August 23 brings the biggest restriction wave
The largest wave is scheduled for August 23. It includes HTX, formerly known as Huobi, EXMO Ltd, Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto INC., Tradex, Monease Ltd, BitPapa, and Exnode/Exnode Pay (registered as Arvix).
For crypto users, the restrictions are not limited to sending funds straight to one of the listed platforms. Bitget said indirect transactions may also come under its checks.
The exchange has therefore asked users to check the source of their funds, the wallet addresses involved, and any middleman used in a transaction.
First two waves are linked to OFAC actions
The first two waves are linked to action by the U.S. Treasury’s Office of Foreign Assets Control, or OFAC.
US authorities announced sanctions against Shelbit and Aban Tether on August 7, alleging that the entities processed cryptocurrency transactions connected to efforts to avoid Iran-related sanctions, including transfers connected to the Islamic Revolutionary Guard Corps.
The August 23 restrictions have a different regulatory basis. They are linked to the European Union’s 21st Russia sanctions package, adopted in July. The package named HTX through its legal entity, Huobi Global SA, as well as EXMO and other crypto-related platforms.
HTX pushed back against the scope of the regional bans following Binance’s initial announcement, just before Bitget issued its matching policy. Justin Sun said on X that he had been in contact with Binance and that the matter involved Binance’s U.K. and EU users. He also said HTX does not conduct business in those regions and that talks with U.K. and EU regulators were ongoing.
“I have been in communication with Binance,” Sun said, adding that affected HTX users could contact customer support while the discussions continue.
The UK has taken a broader view of the issue. Its sanctions office said the designation of Huobi Global also covers the HTX exchange because Huobi Global owns the platform. HTX has said it is still in settlement talks with UK and EU regulators.
Binance takes similar action against the platforms
Bitget’s move comes shortly after Binance announced similar restrictions. Binance is using the same August 7, August 13, and August 23 timeline and has named an overlapping group of platforms, including HTX and EXMO.
The parallel measures show how recent sanctions are affecting transaction monitoring across major crypto exchanges. Rather than limiting action to individual platforms, exchanges are tightening controls around funds moving between their users and entities named in sanctions measures.
For users, verifying the origin and destination of funds is becoming an increasingly important part of using centralized crypto exchanges.
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