San clarified the situation regarding the HTX block on Binance: the restrictions will not affect everyone.
HTX founder Justin Sun has issued an official clarification regarding the recent restrictions imposed by Binance on his exchange. According to him, the block only affects users from the United Kingdom and the European Union, not all clients of the platform. This statement came just a few hours after Binance published a blacklist notice, which notably did not specify any particular country.
What exactly Sun said
Sun emphasized that he has already held talks with Binance representatives and received assurances that the restrictions are targeted in nature. "Huobi itself does not operate in the UK or the EU. Our negotiations with British and European regulators are already underway," he wrote on his social media. The businessman also promised that affected clients can contact HTX support, and the exchange will resolve their issues on a case-by-case basis.
Discrepancies with Binance's official position
However, there is an important nuance here. Binance's official notice, which is addressed to all users without exception, states that transactions with restricted platforms may be suspended for compliance checks after the effective date. A total of 11 platforms were placed on the blacklist, and HTX is just one of them.
Sun's claims that HTX does not operate in the UK raise questions. According to data from the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from that country, placing the exchange sixth in British traffic among crypto companies. Notably, HTX only closed registration for new UK users after a lawsuit from the regulator.
The statement about negotiations with British authorities, however, is confirmed. A moratorium is in effect at the High Court until August 25, and HTX is indeed in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body similar consultations are being held with.
The timeline here is extremely tight: Binance will cut off HTX on August 23 — two days before the moratorium in London expires.
My analysis: The situation shows how major exchanges use regulatory pressure to reshuffle the market. While HTX tries to resolve its conflict with the FCA, Binance is acting preemptively, minimizing its legal risks. For users, this is a signal: diversifying assets across platforms is becoming not just a recommendation, but a necessity.