Justin Sun commented on Binance's blocking of HTX: restrictions will only affect the EU and the UK.
HTX founder Justin Sun claims that the restrictions imposed by Binance on his exchange apply exclusively to users in the United Kingdom and the European Union. However, the official Binance notice listing the 11 restricted platforms contains no geographical reference.
This statement came on Friday evening—just hours after Binance announced it would block operations with HTX. Sun also confirmed that the exchange is already in negotiations with UK and EU regulators over a settlement, and affected users can contact HTX support for individual resolution of issues.
Justin Sun's comment
"I discussed this matter with Binance, and it only concerns Binance users in the UK and the EU. HTX itself does not operate in these jurisdictions. Our negotiations with British and European regulators are already underway," Sun wrote. He added that the exchange will assist every affected client on an individual basis.
Binance restrictions and HTX's position
However, the Binance notice itself contains no mention of specific countries—it is addressed to all users. The exchange warned that operations with restricted platforms may be suspended for compliance checks after the effective date.
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—ranking sixth among crypto companies by British traffic. Moreover, HTX only closed registration for new British users after a regulator 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 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 ends in London.
My analysis: The situation looks like a classic example of regulatory pressure that Binance is using to demonstrate its loyalty to authorities. However, Sun's statement about "geographical targeting" appears to be an attempt to soften the blow to HTX's reputation. In reality, if Binance blocks operations globally, it could seriously impact HTX's liquidity, especially for users in Asia, where the exchange is most active. I recommend traders working with HTX to closely monitor developments until August 23 and withdraw funds in advance if they use Binance as a liquidity bridge.