Justin Sun responded to HTX's block by Binance: the restrictions will not affect the majority of users.
HTX founder Justin Sun has publicly commented for the first time on Binance's decision to add his exchange to its list of restricted platforms. According to him, the block is targeted and applies exclusively to users from the UK and the European Union, not to all HTX clients worldwide.
The statement came on Friday evening — just a few hours after Binance notified about the introduction of restrictions. Sun emphasized that HTX does not conduct operational activities in the UK and EU, and also reported ongoing negotiations with regulators in those jurisdictions.
Key details of Sun's statement
In his address, Sun noted that he had already discussed this matter with representatives of Binance. He assured that the restrictions apply only to Binance users located in the UK and EU and do not affect HTX's global operations. Moreover, he urged affected clients to contact HTX support to resolve issues on an individual basis.
Nevertheless, Binance's official notification does not mention specific countries. The exchange warned all users that transactions with restricted platforms may be suspended for compliance checks. A total of 11 platforms were added to the list, including HTX.
Discrepancies between the statement and reality
Sun's claim that HTX does not operate in the UK raises questions. According to the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited from the UK 4.6 million times — the sixth highest figure among crypto companies. At the same time, HTX closed registration for new British users only after a lawsuit from the regulator.
Interestingly, the statement about negotiations with British authorities is confirmed. A moratorium is in effect in the High Court until August 25, and HTX is negotiating with the FCA on matters related to illegal advertising. However, Sun did not specify which EU body the negotiations are being held with.
Note the timing: Binance will cut off HTX on August 23 — two days before the moratorium in London ends. This is a very tight deadline for resolution, indicating the seriousness of the situation.
My analysis: The situation demonstrates growing regulatory pressure on crypto exchanges operating without strict compliance with local laws. Even if Binance's restrictions are indeed regional in nature, the very fact of HTX being added to the blacklist is an alarming signal for the entire industry. I recommend HTX users to closely monitor developments and prepare alternative options for withdrawing funds.