Sun reveals details of HTX blocking on Binance: restrictions are not global, but questions remain
HTX founder Justin Sun has issued an official clarification regarding the exchange being placed on Binance's blacklist. According to him, the imposed restrictions are targeted and affect exclusively users from the United Kingdom and the European Union. At the same time, in the Binance notification itself, which I analyzed, there is no geographic reference whatsoever—it is addressed to all platform clients without exception.
The statement came on Friday evening—just a few hours after Binance officially announced the blocking of operations with 11 payment platforms, among which HTX was included. Sun emphasized that he has already held talks with Binance representatives and that the restrictions apply only to jurisdictions where HTX does not actually conduct business.
"I discussed this issue with Binance. It only concerns Binance users in the UK and the EU. Huobi itself does not operate in these regions. Negotiations with British and European regulators are already underway," Sun stated.
Binance restrictions and HTX's position: analysis of discrepancies
However, my review reveals a number of inconsistencies. First, the official Binance notification contains no mention of specific countries—it is addressed to all users and warns of a possible suspension of operations to verify compliance with requirements after the restrictions take effect.
Second, Sun's claim that HTX does not operate in the UK raises doubts. According to data from the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from the United Kingdom. This is the sixth-highest figure among all crypto companies in terms of British traffic. Notably, HTX closed registration for new British users only after a lawsuit from the regulator.
The statement about negotiations with British authorities, however, finds confirmation. A moratorium is in effect at the High Court of London until August 25, and HTX is indeed holding talks with the FCA regarding illegal advertising. At the same time, Sun did not specify which EU body the consultations are being held with.
The timeline here is critically tight: Binance will cut off HTX on August 23—just two days before the moratorium in London expires.
My analysis: The situation demonstrates the growing fragmentation of the crypto market under regulatory pressure. The fact that Binance applies measures globally, while HTX tries to localize their impact, points to the complexity of navigating amid disparate jurisdictional requirements. HTX users in the EU and the UK should expect an individual approach to resolving issues, as Sun promises, but full clarity will only emerge after August 23.