Sun refutes the global nature of Binance's restrictions on HTX: analysis of the situation
HTX founder Justin Sun stated that Binance's restrictions on his exchange apply exclusively to users from the United Kingdom and the European Union. However, the official notice from Binance lacks any geographic reference, which raises quite legitimate questions.
This statement came on Friday evening—just a few hours after Binance announced adding HTX to its blacklist. Sun emphasized that he had already held talks with Binance representatives and confirmed that only clients from the UK and EU are affected. According to him, HTX itself does not operate in these jurisdictions, and negotiations with British and European regulators are already in an active phase.
Discrepancy with Binance's official position
However, the official notice from Binance contains no mention of specific countries. The exchange addressed all users without exception, warning that transactions with restricted platforms may be suspended for compliance checks. In the same document, Binance restricted 11 payment platforms, and HTX is just one of them.
Moreover, Sun's second statement raises even more doubts. The UK Financial Conduct Authority (FCA) claims that in 2023, the HTX website was visited 4.6 million times from Britain—the sixth-highest figure among all crypto companies in terms of British traffic. At the same time, HTX closed registration for new British users only after a lawsuit from the regulator.
Negotiations and tight deadlines
The claim about negotiations with British authorities is confirmed. There is a moratorium in 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 in London expires. Sun also added that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
My analysis: The situation looks like a classic conflict of interpretations. Even if the restrictions really apply only to the UK and EU, the lack of geographic specificity in Binance's notice creates legal uncertainty for all users. This could be a deliberate move by Binance to minimize regulatory risks, but for HTX, such ambiguity is a serious reputational blow that requires a more transparent resolution than just comments on social media.