San clarified the situation with the HTX block on Binance: the restrictions will not affect everyone.
HTX founder Justin Sun stated that the restrictions imposed by Binance on his exchange apply exclusively to users from the United Kingdom and the European Union. However, the official notice from Binance does not include any geographic reference.
This statement came on Friday evening—just a few hours after Binance announced it had blacklisted HTX. Sun emphasized that he had already held talks with Binance representatives and that the restrictions are targeted in nature.
"I have discussed this matter 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 underway," he wrote.
Sun also added that affected clients can contact HTX support, and the exchange will help resolve issues on a case-by-case basis.
Binance restrictions and HTX's position
In its notice, Binance did not single out any specific country, addressing the warning 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.
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. There is a moratorium in the High Court case until August 25, and HTX is currently in talks with the FCA regarding illegal advertising. Sun did not specify which EU body the negotiations are with.
The timeline is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium in London ends.
My analysis: The situation looks like a classic regulatory maneuver. Sun is trying to localize the damage, but FCA data on millions of British visits suggests the problem is much broader than he acknowledges. For HTX users, this is a signal: keep an eye on updates and prepare for potential delays in withdrawing funds, especially if you are in the EU or UK jurisdiction.