Binance Bans 3 Nigerian Crypto Platforms Amid Restrictions

Binance has implemented a ban on transactions involving three Nigerian cryptocurrency platforms: A7 Nigeria, A7 Africa, and Lagos-based PilotFinance Ltd. This action is part of a broader restriction affecting 17 crypto-asset service providers across various countries, disclosed in a notice to users on Saturday.

The restrictions will be phased in based on each platform's effective date, with the Nigerian entities subject to the new rules from August 13. Binance warned users against conducting transactions with the restricted platforms, stating that wallets linked to these entities could be frozen.

The restrictions are a response to regulatory actions by the U.S. Treasury and the European Union against platforms accused of facilitating transactions for sanctioned entities.

The U.S. Treasury imposed sanctions on Shelbit, a Dubai-based exchange, on August 7, while the EU adopted a sanctions package targeting cryptocurrency platforms on July 23.

Binance's measures are intended to ensure compliance with regulations in all jurisdictions where it operates.