Justin Sun on HTX blocking on Binance: restrictions will only affect the EU and the UK
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 in the United Kingdom and the European Union, not to all clients of the global platform. This statement came just a few hours after Binance notified about the suspension of operations with 11 crypto platforms, including HTX.
Details of Sun's statement
On Friday evening, Sun wrote on social media that he had already discussed the situation with Binance representatives. "I have discussed this 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 emphasized. Sun also added that affected clients can contact HTX support, and the exchange will help resolve issues on an individual basis.
Discrepancies with Binance's official position
However, Binance's official notice makes no mention of geographical restrictions. The exchange warned all users that operations with the listed platforms may be suspended for compliance checks after the effective date. This creates a contradiction between Sun's statement and Binance's actual actions.
Moreover, the claim that HTX does not operate in the UK raises doubts. 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. HTX only closed registration for new British users after a regulator lawsuit.
Negotiations with regulators
Information about negotiations with British authorities is confirmed. A moratorium is in effect at the High Court until August 25, and HTX is in talks with the FCA regarding illegal advertising. Sun, however, did not specify which EU body consultations are being held with. The timeline is extremely tight: Binance will cut off HTX on August 23 — two days before the moratorium in London ends.
My analysis: The situation looks like a classic case of regulatory pressure, where Binance is forced to act strictly to avoid its own risks. However, Sun's statement about the "regional" nature of the restrictions may be an attempt to minimize panic among users. I recommend HTX clients from other regions to closely monitor updates — if Binance expands the restrictions, it could seriously impact the exchange's liquidity.