San refutes the global nature of the Binance block: restrictions affected only the EU and Britain
HTX founder Justin Sun has issued an official statement aimed at calming panic among the exchange's users after Binance added HTX to its list of restricted platforms. According to him, the situation is far less dramatic than it might seem at first glance: the restrictions apply exclusively to Binance clients in the United Kingdom and the European Union, not to all users globally.
This statement came on Friday evening—just a few hours after Binance circulated a notice about the block. Notably, Binance's document itself contained no mention of geographic targeting, which sparked widespread speculation about the scope of the ban.
What exactly Sun said
In his comment, Sun emphasized that he had personally discussed the situation with Binance representatives. According to him, HTX does not operate in the UK or the EU, so the restrictions should only apply to users attempting to interact with the exchange from those regions. Moreover, he stated that negotiations with British and European regulators are already underway to resolve all matters.
"I discussed the topic with Binance, and it only concerns Binance users in the UK and the EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already ongoing," Sun wrote.
He also hastened to reassure affected clients, promising that HTX's support team would address each issue on an individual basis.
Discrepancies with the official position
However, a number of contradictions arise here. Binance, in its notice, did not single out any specific country, addressing the warning to its entire client base. The exchange made it clear: transactions with restricted platforms may be suspended for compliance checks after the decision takes effect.
Moreover, Sun's claim that HTX "does not operate" in Britain looks questionable. According to data from the UK's Financial Conduct Authority (FCA), in 2023 the HTX website was visited from the UK 4.6 million times—the sixth-highest figure among all crypto companies by British traffic. HTX only closed new user registrations from Britain after a regulator lawsuit.
It is worth noting that the information about negotiations with British authorities is confirmed: a moratorium is in effect at the High Court until August 25, and HTX is indeed in dialogue with the FCA regarding illegal advertising. However, Sun did not specify which EU body the negotiations are being held with, leaving questions open.
Analytical perspective
The timing here is highly telling: Binance will cut off HTX on August 23—exactly two days before the moratorium in London expires. This is not a coincidence but a clear signal to the market that the world's largest exchange has no intention of tolerating regulatory risks. For HTX, this is a serious blow to its reputation, and Sun's attempt to localize the problem is more of a PR move aimed at retaining the client base than a reflection of the real picture. In the long term, if negotiations with the FCA do not yield concrete results, HTX could face even stricter restrictions from other major market players.