Sun breaks lances: Binance's restrictions on HTX — a targeted strike or the beginning of a big war?
The situation surrounding Binance's sudden restrictions on HTX has taken an unexpected turn. The founder of the latter, Justin Sun, issued an official statement in which he attempted to localize the scale of the problem, claiming that the blocks affect only users from the United Kingdom and the European Union. However, my analysis of Binance's official notice shows that the exchange's wording contains no geographical reference, which creates grounds for differing interpretations.
Sun made his statement on Friday evening, just a few hours after Binance announced the addition of HTX to its list of restricted platforms. According to him, he has already held negotiations with Binance representatives, and the matter concerns exclusively the exchange's clients from the UK and the EU. He also emphasized that HTX does not operate in these jurisdictions, and negotiations with British and European regulators are already in an active phase.
Where is the truth, and where is the manipulation?
Here I see a clear contradiction. Binance, in its statement, did not single out specific countries, addressing the warning to all users. The exchange made it clear: operations with restricted platforms may be frozen for compliance checks after the effective date. In the same notice, Binance restricted operations for 11 platforms at once, which points to a systematic approach rather than a targeted strike against HTX.
Moreover, Sun's claim that HTX does not operate in the UK raises serious doubts for me. The UK Financial Conduct Authority (FCA) provides data according to which the HTX website was visited from the UK 4.6 million times in 2023. This ranks sixth among all crypto companies in British traffic. HTX only closed registration for new users from the UK after a lawsuit from the regulator.
As for negotiations with authorities — there is confirmation here. A moratorium is in effect at the High Court of London 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, which leaves questions.
It is highly telling that Binance will cut off HTX on August 23 — exactly two days before the moratorium in London expires. This creates powerful pressure on Sun and his team at the height of legal proceedings. In my understanding, this is not just a technical decision, but a clear signal to the market that Binance does not intend to tolerate platforms that have problems with regulators in key jurisdictions.
HTX users, especially those from affected regions, should prepare for possible delays in withdrawing funds. Although Sun promises individual resolution of issues through customer support, under such geopolitical and regulatory pressure, trust in these promises should be measured. The market will be closely watching developments until August 23, and any negative signal could trigger an outflow of liquidity from HTX.