Justin Sun: Binance's restrictions on HTX are targeted in nature, but questions remain.
HTX founder Justin Sun has issued an official statement regarding the exchange being placed on Binance's "blacklist." According to him, the restrictions apply exclusively to users from the United Kingdom and the European Union and do not affect the global client base. This statement came just a few hours after Binance published its notice, adding tension to an already difficult situation.
The essence of Sun's statement
On Friday evening, Sun rushed to comment on the situation, emphasizing that he had personally discussed the matter with Binance representatives. He noted that HTX does not conduct operational activities in the UK or the EU, and negotiations with British and European regulators are already in an active phase. Sun also assured that affected users can contact HTX support for individual resolution of issues.
However, Binance's official notice paints a different picture. The exchange made no geographical exceptions, addressing the warning to all users without exception. Moreover, the list of restricted platforms included as many as 11 services, indicating a systematic approach rather than targeted measures.
Contradictions and the real state of affairs
Sun's claim that HTX does not operate in the UK raises reasonable doubts. According to data from the Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from the UK, placing the exchange sixth in traffic among crypto companies in the country. Registration of new British users was only closed after a lawsuit from the regulator.
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 dialogue with the FCA regarding illegal advertising. At the same time, Sun did not specify which exact EU body negotiations are being held with, leaving room for interpretation.
It is highly telling that Binance will cut off HTX on August 23 — exactly two days before the moratorium expires in London. Such timing is hardly coincidental and may signal coordinated actions or, at the very least, Binance's high awareness of regulatory processes.
Analytical commentary: The situation demonstrates the growing fragmentation of the crypto market and increased regulatory pressure on global exchanges. Sun's statements appear to be an attempt to soften the negative information background, but discrepancies with Binance's official position and FCA data undermine confidence in these assurances. HTX users in the EU and the UK should prepare for possible delays in operations and carefully verify the status of their funds.