Binance has already withdrawn from the United States and has not yet obtained the EU MiCA license. Why does Binance still follow suit after the US and Europe update their sanctions lists? Recently, many users have been aware of @ Binance's announcement, warning users not to directly or indirectly send or receive assets to these 16 entities through Binance, or engage in other transactions involving these entities. Transactions that occur or attempt to occur after the effective date may be temporarily suspended and subject to compliance review, and the wallets involved may also be restricted during the review period. Speaking in person means providing 16 lists and telling users not to exchange assets with addresses on these 16 lists. If the exchange is made, the account may be frozen for a long time. These 16 entities include not only cryptocurrency exchanges, but also P2P, OTC, encrypted payments, fiat currency deposits and withdrawals, and cross-border settlement companies, but most of these companies are financial entities that provide encrypted asset services or payment services. So what are the commonalities among these 16 entities? Among them, two Shelbits and Aban Tether correspond to the new round of sanctions imposed by the US OFAC on Iran's related cryptocurrency networks. The US Treasury Department accuses Shelbit of conducting digital asset transactions with addresses controlled by the Iranian Revolutionary Guard Corps (IRGC) and having financial connections with Nobitex, a large Iranian exchange that has already been sanctioned by the US. Shelbit has also been accused of handling large amounts of funds for Persian gambling networks. Aban Tether has been sanctioned by the United States for its operations in the Iranian financial sector and has transactions with multiple sanctioned Iranian entities. That is to say, the two entities in the first round correspond to the sanctions imposed by the United States. The remaining 14 are all included in Annex XLV Part A of EU Regulation 2026/1848. Speaking in person refers to entities located outside the European Union that provide cryptocurrency or payment services and seriously impede the implementation of EU sanctions measures. The EU also specifically explained in the main text of this regulation why they are now cracking down on these crypto platforms. After being restricted on domestic crypto platforms in Russia, banks, companies, and individuals have started to use more third-party crypto platforms outside of Russia to continue cross-border payments. The EU believes that some platforms have become a channel for the Russian financial system to maintain international payments and bypass financial sanctions. So these 14 entity lists are basically closely related to Russia, and the time in Binance's announcement was not chosen by Binance itself, but determined by the effective date of EU regulations. Even including a globally large cryptocurrency exchange on these lists indicates that regulatory logic has placed risk control requirements on any large third-party cryptocurrency platform deemed to have substantially helped Russia bypass sanctions. So it is well known that Binance no longer has business in the United States, and even temporarily does not have a license in Europe. So why does Binance still follow the requirements of Europe and America for quarantine? Firstly, in the United States, FinCEN, a subsidiary of the US Treasury Department, set a five-year independent monitoring period for Binance in 2023. OFAC also requires Binance to implement a complete set of sanctions compliance measures, and this monitoring agency can directly inspect Binance's systems, transactions, accounts, and related records, and report to FinCEN, OFAC, and CFTC. This agreement was signed in 2023, and it's only 2026 now. So although Binance has already withdrawn from the United States, the regulatory constraints on Binance in the United States have not yet ended. Binance was punished by the United States for not effectively preventing transactions between American and Iranian users. The same thing has already paid a tuition fee of $4.3 billion once, and it is very normal for Binance to choose to execute after seeing OFAC add Iranian related entities. So even though Binance has withdrawn from the United States, it still needs to comply with the relevant regulations in the United States. Secondly, in Europe, although Binance currently does not have an EU MiCA license, it still wants to re-enter the European market and continues to search for ways to apply for MiCA. The EU has just identified 14 entities including EXMO, Rapira, A7 as financial channels for Russia to evade sanctions. If Binance continues to allow these entities to freely enter its own funding system and apply for MiCA in the future, regulators will definitely re-examine Binance's compliance with sanctions. Therefore, as long as Binance wants to enter Europe, it needs to consider how European regulators view its historical record. So although Binance currently does not have a MiCA license and does not have a legal obligation to unconditionally copy every regulation of the European Union in all global businesses, as long as Binance is still preparing to re-enter Europe, the EU's sanctions standards will be difficult for Binance to ignore. For Binance, this account is also easy to calculate. Continuing to accept funds such as A7, Rapira, and Shelbit can earn some user and transaction fees. But if these funds offend the US Treasury Department again, affect the European MiCA license, and even raise the risk level of Binance for banks, stablecoin issuers, market makers, and institutional clients, the losses may not be on the same order of magnitude. Therefore, Binance is not the only one implementing US and European standards. Currently, I have found that large exchanges such as OKX Bybit Gate Bitget Coinbase Kraken have also incorporated US OFAC, EU and other sanctions rules into their compliance systems to varying degrees. Because the larger the scale of a global exchange, the more banks, stablecoins, institutional funds, and fiat currency channels it needs to connect, and the more it needs to face the regulations of European and American financial sanctions.