San refutes the global nature of the Binance block: restrictions will only affect the EU and Britain
HTX founder Justin Sun has issued an urgent statement aimed at calming panic among exchange users after Binance added HTX to its blacklist. According to Sun, the imposed restrictions have a clear geographic focus and affect exclusively Binance clients located in the United Kingdom and the European Union. Notably, in Binance's own official notice, which I have analyzed, such stratification by country is absent—the document is addressed to the entire user base without exception.
Sun emphasized that HTX does not conduct operational activities in the UK or the EU, and therefore the impact of the block on its business is minimal. Moreover, he stated that the exchange has already entered into negotiations with regulators from both regions in order to reach a global settlement. However, a legitimate question arises here: if HTX does not operate in these jurisdictions, then why would it need a global settlement with their supervisory authorities?
Discrepancy between facts and statements
My analysis shows that Sun's position contradicts available data. The UK Financial Conduct Authority (FCA) previously recorded significant traffic from British IP addresses to the HTX website—4.6 million visits in 2023, placing the exchange sixth among crypto platforms in terms of traffic from the United Kingdom. Registration of new users from Britain was only closed after an official lawsuit from the regulator. Currently, a moratorium is in effect in the High Court of London until August 25, and HTX is negotiating with the FCA regarding unregulated advertising activities.
The timing context is also highly telling: Binance will disconnect HTX from its services as early as August 23—just two days before the court moratorium in London expires. Such a coincidence can hardly be called accidental. Sun, however, did not specify which exact EU body the negotiations are being held with, leaving room for interpretation.
My expert opinion: Sun's statement is an attempt to manage reputational risks ahead of legal proceedings. However, the facts indicate that the problem is more systemic in nature than the HTX founder is trying to present. Investors should closely monitor developments until August 23, as any delays in transferring funds could become critical.