San refutes the scale of the block: Binance restricted HTX only for the EU and Britain.
HTX founder Justin Sun made an emergency statement aimed at calming panic among exchange users caused by recent restrictions from Binance. According to him, the blacklist applies exclusively to clients from the United Kingdom and the European Union, not a global audience.
Sun emphasized that HTX does not conduct operational activities in the UK or EU, and therefore the measures introduced by Binance should not affect the majority of asset holders. At the same time, he confirmed that the exchange is already in active negotiations with regulators in those jurisdictions to resolve the situation. Notably, the statement came just a few hours after the official notice from Binance, indicating a high degree of concern among HTX management.
Contradictions in official positions
However, my analysis shows that Sun's statement comes into certain contradiction with Binance's official document. The giant exchange's notice contains no mention of geographic restrictions — the document is addressed to all users without exception. Binance warned that operations with the 11 listed platforms, including HTX, may be frozen for compliance checks after the rules take effect.
Moreover, Sun's words that HTX does not operate in Britain raise questions. According to data from the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from that country — the sixth highest figure among all crypto companies by British traffic. Registration for new users from the UK was only closed after a regulator lawsuit.
Sun confirmed the very fact of negotiations with British authorities, but did not disclose details. It is known that a moratorium is in effect at the High Court of London until August 25, and HTX is negotiating with the FCA over issues of illegal advertising. At the same time, the deadlines are extremely tight: Binance will cut off HTX on August 23 — exactly two days before the moratorium expires.
Expert opinion: This situation is a vivid example of how regulatory pressure in one jurisdiction can create a cascading effect for the entire ecosystem. While Sun tries to minimize reputational damage, the key question remains open: will HTX be able to reach an agreement with the FCA before the deadline, or will we witness a new round of confrontation between the largest market players.