San clarified the situation with the HTX block on Binance: the restrictions will not affect everyone.
HTX founder Justin Sun has come forward to address user concerns regarding Binance's recent decision to blacklist the exchange. According to him, the situation is not as critical as it might seem at first glance.
Sun claims that the restrictions imposed by Binance apply exclusively to users in the United Kingdom and the European Union. At the same time, he emphasizes that Binance's official notice itself makes no mention of geographic targeting—the restrictions were addressed to the entire client base. This discrepancy immediately stands out and requires separate analysis.
Justin Sun's Comment
Sun made his statement on Friday evening, just a few hours after Binance announced the block. He noted that he had already held talks with Binance representatives and concluded that the issue is localized.
"I discussed the matter with Binance, and it only concerns Binance users in the UK and EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already underway," Sun wrote.
He also added that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
Binance Restrictions and HTX's Position
In its notice, Binance did not single out any specific country, addressing all users instead. The exchange warned that transactions with restricted platforms may be suspended for compliance checks after the effective date. In this announcement, Binance restricted 11 platforms, including HTX.
Sun's second statement raises questions. The UK's Financial Conduct Authority (FCA) claims that in 2023, the HTX website was visited 4.6 million times from the UK—ranking sixth among crypto companies by British traffic. HTX only closed registration for new UK users after a lawsuit from the regulator.
The claim about negotiations with British authorities is confirmed. There is a moratorium in the High Court case until August 25, and HTX is currently in talks with the FCA regarding illegal advertising. Sun did not specify which EU body the negotiations are with.
The timeline is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium in London expires.
My analysis: It is telling that Binance did not specify the geography of the restrictions in its official notice. This could be either a technical simplification or a signal of broader scope. However, Sun's statement about negotiations with regulators seems quite plausible—under current conditions, HTX is clearly trying to resolve the conflict with the FCA before the situation spirals out of control. Investors should closely monitor developments until August 23.