Sun refutes global block: Binance restrictions on HTX apply only to the EU and Britain.
HTX founder Justin Sun has issued urgent clarifications after the world's largest cryptocurrency exchange placed his platform on a blacklist. According to Sun, the restrictions imposed by Binance have a narrow geographic focus and affect exclusively users from the United Kingdom and the European Union. Notably, the notification sent by Binance to clients does not mention any country-specific exceptions—the wording appears universal.
Sun's Position: Targeted Measures, Not a Total Ban
The comment appeared on Friday evening—just a few hours after Binance announced the blocking of operations with 11 platforms, including HTX. Sun emphasized that he had already held talks with Binance representatives and received assurances that this concerns only jurisdictions where HTX does not conduct official activity anyway. "Huobi itself does not operate in the UK or the EU. Our negotiations with British and European regulators are already underway," he stated, adding that affected clients can contact HTX support and their issues will be resolved on an individual basis.
Where Statements Diverge from Facts
However, my own data paints a more complex picture. The UK Financial Conduct Authority (FCA) records that in 2023, the HTX website was visited from the UK 4.6 million times—the sixth-highest figure among all crypto companies in terms of British traffic. HTX closed registration for new British users only after the regulator filed a lawsuit. This directly contradicts Sun's claim that the exchange "does not operate" in that region.
On the other hand, the statement about negotiations with British authorities looks plausible: there is a moratorium in the High Court of London until August 25, and HTX is indeed in dialogue with the FCA regarding an illegal advertising campaign. True, Sun did not specify which EU body consultations are being held with—this leaves room for interpretation.
The timing here is critical: Binance will cut HTX off from its services as early as August 23—exactly two days before the moratorium in London expires. This creates unprecedented pressure on Sun's exchange at the height of a regulatory crisis.
My analysis: The situation demonstrates how major players use compliance tools for political pressure. Even if formally the restrictions apply only to the EU and the UK, the very fact of a black mark from Binance is a blow to HTX's reputation on a global level. Sun will have to not only resolve issues with regulators but also restore the trust of the international community, which will now be closely watching every step of the exchange.