San revealed details of the HTX block on Binance: the restrictions will not affect everyone.
HTX founder Justin Sun has issued an official clarification regarding the exchange being placed on Binance's blacklist. According to him, the situation is not as dramatic as it might seem at first glance: the restrictions apply exclusively to users from the United Kingdom and the European Union, not to all clients of the global platform.
This statement came just a few hours after Binance notified about blocking operations with 11 payment platforms, including HTX. Notably, Binance's notification itself did not specify particular countries — the restrictions were addressed to all users without exception, which created grounds for misinterpretation.
Justin Sun's Comment
Sun explained that he has already held talks with Binance representatives and received assurances that the issue is local in nature. "Huobi itself does not operate in the UK or the EU. Our negotiations with British and European regulators are already underway," he wrote, adding that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
However, a number of questions arise here. The UK Financial Conduct Authority (FCA) claims that in 2023, the HTX website was visited 4.6 million times from Britain — ranking sixth among crypto companies in British traffic. HTX closed registration for new British users only after a lawsuit from the regulator, which calls into question the claim of a complete absence of activity in the region.
Binance Restrictions and HTX's Position
The timeline is extremely tight: Binance will cut off HTX on August 23 — two days before the moratorium in London ends. At the same time, Sun's statement about negotiations with British authorities is confirmed: a moratorium is in effect in the High Court until August 25, and HTX is currently in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body the negotiations are being held with.
My assessment: Although Sun is trying to soften the reputational damage, the discrepancy between his words and the FCA's data is telling. For the crypto industry, this is another signal: regulatory pressure on exchanges is intensifying, and even major players are forced to navigate between the requirements of different jurisdictions. HTX users in the EU and Britain should prepare for possible delays in withdrawing funds, despite promises of individual support.