San refutes the global nature of the Binance block: restrictions affected only the EU and Britain
The situation around HTX is escalating by the hour. Against the backdrop of the approaching deadline of August 23—the date when Binance will begin blocking transactions with HTX—Sun hastened to clarify. In his statement, he emphasized that he personally discussed this matter with Binance representatives and received assurances that the restrictions are targeted rather than global in nature.
Justin Sun's comment: what lies behind the HTX founder's words
Sun stated that the restrictions apply only to Binance users located in the UK and the EU. He also noted that HTX does not conduct operational activities in these territories, and negotiations with British and European regulators are already underway. According to him, affected clients can contact HTX support, where their issues will be resolved on an individual basis.
However, an inconsistency arises here. Binance's official notification contains no geographical specifications and is addressed to all users. The exchange warned that operations with restricted platforms may be suspended for compliance checks after the new rules take effect. In total, Binance restricted operations with 11 platforms, and HTX is just one of them.
Reality versus statements: FCA data and HTX's position
Sun's claim that HTX "does not operate" in the UK raises questions. According to data from the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from the UK—the sixth-highest figure among all crypto companies in terms of British traffic. Moreover, HTX closed registration for new British users only after a lawsuit from the regulator.
The statement about negotiations with British authorities seems plausible. There is a moratorium in the High Court of London until August 25, and HTX is indeed negotiating with the FCA over illegal advertising. At the same time, Sun did not specify which EU body the negotiations are being held with, which adds uncertainty.
The timelines are extremely tight: Binance will cut off HTX on August 23—two days before the moratorium expires in London. This creates additional pressure on HTX and its management.
My analysis: Apparently, Sun is trying to minimize reputational damage by presenting the situation as a local incident. However, FCA data and the lack of geographical specifications in Binance's notification suggest otherwise. In the coming days, we will see how successful HTX's negotiations with regulators turn out to be, but it is already clear: trust in the exchange has been undermined, and Binance's actions are a signal to the entire market about tightening compliance standards.