San clarified the situation with the HTX block on Binance: the restrictions will not affect everyone.
HTX founder Justin Sun has issued an official clarification regarding Binance's recent decision to blacklist the exchange. According to him, the situation is far less dramatic than it might seem at first glance, and the restrictions apply only to a narrow category of users.
Sun's key point is that the block applies exclusively to Binance clients from the United Kingdom and the European Union. He emphasizes that HTX itself does not conduct operational activities in these jurisdictions, and negotiations with British and European regulators are already in an active phase.
Details of the restrictions and Binance's position
It is important to note the discrepancy in interpretations. The official Binance notice, issued on Friday evening, contains no geographic specifications and is addressed to all platform users. The exchange warned that transactions with 11 restricted platforms, including HTX, may be suspended for compliance checks.
However, Sun's statement that HTX does not operate in the UK raises questions. Data from the UK Financial Conduct Authority (FCA) shows that in 2023, the HTX website was visited 4.6 million times from the UK—the sixth-highest figure among crypto companies by British traffic. Notably, the exchange only closed registration for new British users after a regulator lawsuit.
Negotiations with British authorities are indeed 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 timelines here are extremely tight: Binance will cut off HTX on August 23—just two days before the moratorium expires in London. Sun also assured that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
My analysis: The situation looks like a classic regulatory precedent where Binance demonstrates a proactive stance in the face of growing pressure from Western supervisory bodies. However, Sun's claims about the targeted nature of the restrictions may be premature—if the FCA or European regulators expand their requirements, the blacklist could quickly become global. I advise HTX users from these regions to closely monitor developments and not assume that the restrictions will remain local.