San commented on Binance's blacklist and the fate of HTX funds.
HTX founder Justin Sun has issued a statement regarding the exchange being added to Binance's blacklist, claiming that the restrictions only apply to users from the United Kingdom and the European Union. However, Binance's official notice does not specify the geographic scope of the block.
This statement came on Friday evening—just a few hours after Binance announced the suspension of operations with HTX and ten other platforms. Sun emphasized that he had already held talks with Binance representatives and assured that the restrictions are targeted in nature.
"I discussed this issue with Binance. It only concerns Binance users from the UK and the EU. Huobi itself does not operate in these jurisdictions. Negotiations with British and European regulators are already underway," he wrote on social media platform X.
Sun also promised that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
Binance restrictions and HTX's position
Binance's official notice, however, does not mention any specific countries. The exchange addressed the warning to all users, noting that operations with restricted platforms may be suspended for compliance checks after the effective date. In total, 11 platforms were added to the blacklist.
Sun's second statement raises questions. The UK Financial Conduct Authority (FCA) reports that in 2023, the HTX website was visited 4.6 million times from the UK—the sixth-highest figure among all crypto companies by British traffic. HTX only closed registration for new UK users after a regulatory lawsuit.
The claim 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 the negotiations are with.
The timeline here is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium in London expires.
My take: The situation looks like a classic jurisdictional conflict in the crypto industry. Even if Sun's words about the geographic scope of the restrictions are true, the very fact of a blacklist from Binance is a worrying signal for the market. It underscores how fragile access to global liquidity can be for exchanges operating in the regulatory gray zone. I recommend that HTX users in the EU and the UK closely monitor developments and plan alternative routes for withdrawing funds in advance.