Justin Sun commented on the blocking of HTX on Binance: the restrictions will only affect the EU and the UK.
HTX (formerly Huobi) founder Justin Sun broke his silence shortly after Binance announced it had blacklisted the exchange. According to him, the restrictions apply exclusively to users in the United Kingdom and the European Union, not to all platform clients. This statement came amid the approaching August 23 deadline, when Binance intends to stop processing transactions with HTX.
Sun emphasized that HTX is already in talks with UK and EU regulators to reach a global agreement. "I discussed this matter with Binance, and it only concerns Binance users in the UK and EU. Huobi itself does not operate in these jurisdictions. Our negotiations with British and European regulators are already underway," he wrote on social media. The entrepreneur also assured that affected clients can contact HTX support, and the exchange will help resolve issues on a case-by-case basis.
Discrepancies with Binance's official position
However, Sun's wording raises questions. Binance's official notice does not specify particular countries—the restrictions are addressed to all users. The exchange warned that transactions with platforms on the list may be suspended for compliance checks after the measures take effect. In total, Binance restricted 11 platforms, and HTX was among them.
Moreover, Sun's claim that HTX does not operate in the UK contradicts data from the local regulator. The Financial Conduct Authority (FCA) reports that in 2023, the HTX website was visited 4.6 million times from the UK—the sixth-highest figure among crypto companies by British traffic. Registration of new users from the country was only closed after a lawsuit by 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. Sun did not specify which EU body consultations are being held with.
My analysis: The timeline is extremely tight—Binance will cut off HTX on August 23, just two days before the moratorium expires in London. This creates serious pressure on Sun's exchange, and his attempt to localize the problem may be aimed at curbing panic among clients. However, discrepancies with Binance's official position and FCA data cast doubt on the completeness of the picture. Investors should prepare for possible transaction delays and closely monitor the progress of negotiations.