Justin Sun on Binance's "blacklist": restrictions will only affect a portion of HTX clients
HTX founder Justin Sun has issued an official clarification regarding recent restrictions imposed by Binance. According to him, the transaction block will only affect users from the United Kingdom and the European Union, not all exchange clients. This statement comes amid the approaching August 23 deadline, when Binance will begin implementing new measures.
Details of Sun's statement
Sun emphasized that he personally discussed the situation with Binance representatives and received clear confirmation: the restrictions apply exclusively to clients within the jurisdiction of the UK and the EU. "Huobi itself does not operate in these regions. Our negotiations with British and European regulators are already underway," he noted. The businessman also added that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
Discrepancies with Binance's official position
However, Binance's official notice contains no geographical specifications. The exchange addressed the warning to all users, stating that transactions with restricted platforms may be suspended for compliance checks after the rules take effect. The list includes 11 platforms, including HTX.
Sun's statement about the exchange "not operating" in the UK raises questions. The UK Financial Conduct Authority (FCA) recorded 4.6 million visits to the HTX website from Britain in 2023 — the sixth-highest figure among all crypto companies. Moreover, registration of new British users was only closed after a regulatory lawsuit.
Negotiations with regulators
Sun's words about negotiations with British authorities are confirmed: a moratorium is in effect at the High Court until August 25, and HTX is in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body consultations are being held with. The timeline is extremely tight: Binance will cut off HTX on August 23 — just two days before the moratorium in London ends.
My analysis: The situation demonstrates growing regulatory pressure on crypto exchanges operating in gray areas. Sun's attempt to localize the problem is a classic PR move, but FCA data suggests otherwise. Investors should be cautious: if Binance is tightening its policy, this is a signal that similar measures may follow from other major players.