San refutes the global nature of Binance restrictions: sanctions will only affect the EU and Britain
HTX founder Justin Sun has made an emergency statement aimed at calming panic among exchange users. According to him, the recently introduced restrictions from Binance are targeted and concern exclusively clients from the United Kingdom and the European Union. This statement came just a few hours after Binance officially notified about blocking operations with 11 platforms, including HTX on that list.
Key statements from Sun and Binance's position
Sun emphasized that HTX does not conduct operational activities in the UK or EU, and therefore the restrictions should not affect the majority of users. He also stated that the exchange is already in active negotiations with regulators in these jurisdictions to resolve the situation. In his address, Sun assured that affected clients can contact HTX support, and their issues will be resolved on an individual basis.
However, the official notification from Binance contains no geographical clarifications. The exchange warned all users about a possible suspension of transactions with the listed platforms to conduct compliance checks. This wording leaves room for interpretation and raises questions about the scale of the actual consequences.
Contradictions with regulator data
Sun's statement that HTX "does not operate" in the UK contradicts data from the Financial Conduct Authority (FCA). According to regulator reports, in 2023 the HTX website was visited 4.6 million times from the UK, placing the exchange sixth in traffic among crypto companies in the country. Notably, HTX closed registration for new British users only after a lawsuit from the FCA.
Moreover, the fact of negotiations with British authorities is confirmed. A moratorium is in effect at the High Court of London until August 25, and HTX is indeed in dialogue with the FCA on matters related to illegal advertising. Sun, however, did not specify which European body exactly the negotiations are being held with. The timing is extremely tense: Binance will disconnect HTX on August 23 — just two days before the moratorium expires in London.
My analysis: The situation looks like a classic example of regulatory pressure disguised as technical measures. Sun's statements are aimed at retaining the user base, but FCA data clearly indicates a significant HTX presence in the UK. In the coming days, we will see how effective the negotiations prove to be and whether this incident becomes a trigger for broader restrictions in the EU, given the tightening of MiCA regulation.