Justin Sun on HTX blocking on Binance: restrictions will only affect the EU and the UK
HTX (formerly Huobi) 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 contains no such geographic reference.
This statement came on Friday evening — just a few hours after Binance announced it had blacklisted HTX. Sun also reported that HTX is already in talks with UK and EU regulators about a global settlement. It is worth noting that the timeline is extremely tight: Binance will cut off HTX from its services on August 23 — two days before the moratorium in London expires.
Justin Sun's Comment
In his statement, Sun emphasized that he personally discussed the situation with Binance representatives. According to him, the restrictions apply only to Binance users in the UK and EU. "Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already underway," he wrote. Sun added that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
Binance Restrictions and HTX's Position
However, the official Binance notice does not single out any country — it is addressed to all users. The exchange warned that transactions with restricted platforms may be suspended for compliance checks after the effective date. In this announcement, Binance restricted 11 platforms, including HTX.
Sun's second statement raises questions. The UK Financial Conduct Authority (FCA) claims that in 2023, the HTX website was visited 4.6 million times from the UK — ranking sixth among crypto companies by British traffic. HTX only closed registration for new UK users after a lawsuit from the regulator.
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 over illegal advertising. Sun did not specify which EU body the negotiations are with.
My analysis: the situation looks like a classic conflict of interest between two industry giants. Sun is trying to minimize reputational damage, but FCA data shows that the British market was significant for HTX. The block by Binance is not just a technical step, but a signal to the market about stricter compliance procedures. Investors should closely monitor the progress of negotiations with the FCA, as the outcome could set a precedent for other exchanges operating in the regulatory gray zone.