San refutes the global nature of Binance restrictions for HTX: analysis of statements and real risks
HTX founder Justin Sun rushed to calm the market, stating that the exchange's blacklisting by Binance would only affect users in the UK and the European Union. However, my analysis of Binance's official notice and regulatory data indicates that the parties' wording differs significantly, and the risks to clients may be broader than presented in public statements.
The situation escalated amid an approaching deadline: Binance plans to impose restrictions on transactions with HTX as early as August 23. Sun's comment came just a few hours after the announcement of the block, indicating an attempt to quickly quell a wave of panic among asset holders.
Sun's position and Binance's official version
On Friday evening, Sun stated that he had personally discussed the situation with Binance representatives. According to him, the restrictions apply exclusively to Binance clients located in the UK and the EU and do not affect HTX's global liquidity. He also noted that the exchange is already in talks with British and European regulators to resolve the issues.
"I discussed the topic with Binance, and it only concerns Binance users in the UK and the EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already underway," he wrote.
Sun added that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
Where statements diverge from the facts
My analysis reveals several inconsistencies. First, Binance's notice contains no geographical reference whatsoever—it is addressed to all users without exception. The exchange warned that transactions with restricted platforms may be suspended for compliance checks after the effective date. A total of 11 platforms fell under the restrictions.
Second, Sun's claim that HTX does not operate in the UK contradicts data from the Financial Conduct Authority (FCA). The regulator recorded that in 2023, the HTX website was visited 4.6 million times from the UK—ranking sixth among crypto companies by British traffic. Notably, HTX closed registration for new British users only after the regulator's lawsuit.
The fact of negotiations with British authorities is confirmed: a moratorium is in effect in 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 the negotiations are being held with, leaving questions about the completeness of information disclosure.
My assessment of the situation: the timeline is extremely tight—Binance will cut off HTX on August 23, two days before the moratorium in London ends. This creates a window of uncertainty during which HTX users, especially those in the UK, should exercise heightened caution and verify the status of their funds. The gap between public rhetoric and documented facts in this case is a worrying signal that cannot be ignored.