HTX founder Justin Sun stated that the restrictions imposed by Binance on his exchange apply exclusively to users from the United Kingdom and the European Union. However, the official notice from Binance does not contain any geographical specifications.
This statement came on Friday evening — just a few hours after Binance announced it had blacklisted HTX. Notably, the deadline for the restrictions to take effect is set for August 23, adding urgency to the entire situation.
Sun also reported that HTX is already in talks with regulators in the UK and the EU regarding a global settlement. According to him, affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
Binance's official position: no exceptions
However, a clear contradiction arises here. In its notice, Binance did not single out any specific country — the warning is addressed to all platform users. The exchange made it clear: transactions with restricted platforms may be suspended for compliance checks after the effective date. In total, Binance restricted 11 platforms.
Sun's claim that HTX does not operate in the UK and the EU raises questions. The UK Financial Conduct Authority (FCA) states that in 2023, the HTX website was visited 4.6 million times from the UK — ranking sixth among crypto companies in British traffic. Notably, HTX only closed registration for new British users after a regulator lawsuit.
As for negotiations with British authorities — this is confirmed. A moratorium is in effect at the High Court until August 25, and HTX is indeed in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body the negotiations are being held with.
The timeline is extremely tight: Binance will cut off HTX on August 23 — two days before the moratorium ends in London.
My analysis: The situation looks like a classic conflict between the global ambitions of exchanges and local regulatory pressure. Sun's statement about "targeted" restrictions is an attempt to minimize reputational damage, but the FCA data suggests otherwise. I recommend that HTX users in the EU and the UK closely monitor developments and withdraw funds in advance to avoid asset freezes if measures are tightened.