Justin Sun refutes the global nature of the Binance block: sanctions affected only the EU and Britain
HTX (formerly Huobi) founder Justin Sun has issued an urgent statement aimed at calming panic among the exchange's users. According to him, the restrictions imposed by Binance on HTX are targeted and apply exclusively to clients in the United Kingdom and the European Union. However, Binance's official notice, which sparked widespread backlash, contains no such geographic reference—the document is addressed to all users without exception.
Key comment and timing
Sun made this statement on Friday evening—just a few hours after Binance announced it had blacklisted HTX. Notably, his remarks came amid an approaching deadline: on August 23, Binance will impose restrictions on operations with 11 payment platforms, including HTX.
"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," Sun stated.
The HTX founder also rushed to reassure affected clients, promising that the exchange's support team would address each issue on an individual basis.
Where the statement diverges from the facts
However, my own checks show that Sun's position contains a number of contradictions. First, Binance did not single out any country in its notice—the restrictions are framed as global. Second, the claim that HTX does not operate in Britain raises serious doubts. According to data from the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from the United Kingdom—the sixth-highest figure among all crypto companies by British traffic. The exchange only closed registration for new British users after a lawsuit from the regulator.
As for negotiations with authorities, Sun's statement is partially confirmed here. A moratorium is in effect at the High Court of London 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 room for interpretation.
Analytical conclusion
The situation is extremely tense: Binance will cut off HTX on August 23—just two days before the moratorium in London expires. This creates unprecedented pressure on Sun's exchange, which is already under close regulatory scrutiny. In my view, Sun's attempt to localize the problem is more of a PR move aimed at retaining the global client base. But if Binance does not issue official clarifications to its document, trust in the HTX founder's words may come into question. I recommend HTX users closely monitor updates and not rush to conclusions about the safety of their funds.