Justin Sun commented on Binance's restrictions for HTX: user funds are not at risk
HTX founder Justin Sun has issued an official statement regarding the exchange being added to Binance's "blacklist." According to him, the restrictions introduced are targeted in nature and affect exclusively users from the United Kingdom and the European Union. Notably, Binance's notification itself does not specify any particular country, which creates grounds for ambiguity.
Justin Sun's Comment
Sun responded to the situation promptly—his statement appeared on Friday evening, just a few hours after Binance's decision was published. He emphasized that he personally discussed this matter with Binance representatives and received assurances that the restrictions are not global in scope.
"I discussed the topic with Binance, and it only concerns Binance users in the UK and EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already underway," he wrote.
Sun also assured that affected users can contact HTX support, and the exchange will provide assistance in resolving issues on an individual basis.
Binance Restrictions and HTX's Position
In its official notification, Binance did not single out any specific country, addressing the warning to all users. The exchange warned that transactions with restricted platforms may be suspended for compliance checks after the effective date. A total of 11 platforms fell under the restrictions.
However, Sun's second statement raises questions. The UK Financial Conduct Authority (FCA) claims that in 2023, the HTX website was visited 4.6 million times from the UK—ranking sixth among crypto companies in British traffic. HTX only closed registration for new British users after the regulator's lawsuit.
The claim about negotiations with British authorities is confirmed. A moratorium is in effect in the High Court case until August 25, and HTX is currently in talks with the FCA regarding illegal advertising. 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.
Cryptalist Analysis
The situation looks ambiguous. On one hand, Sun's statement about the targeted nature of the restrictions is logical—Binance often applies regional filters. On the other hand, FCA data on significant British traffic to HTX calls into question the claim that the exchange "does not operate" in the UK. Investors should closely monitor the progress of negotiations with regulators—their outcome will determine not only HTX's availability for European users but also the overall direction of crypto market regulation in the region.