Sun refutes the panic: Binance's restrictions against HTX are a targeted strike, not a global blockade.
HTX founder Justin Sun has issued an urgent statement aimed at easing tensions surrounding sudden restrictions imposed by Binance. According to him, the blacklist applies exclusively to users in the United Kingdom and the European Union, not to the global client base.
This statement came on Friday evening—just a few hours after Binance officially notified about blocking operations with HTX. The timing is highly telling: Sun is clearly seeking to prevent panic among asset holders on the exchange and stabilize the situation before the critical date—August 23.
What exactly did Sun say?
In his address, the entrepreneur emphasized that he has already held negotiations with Binance representatives. The key point: "This only affects Binance users in the UK and the EU. HTX does not operate directly in these jurisdictions. Negotiations with British and European regulators are already underway."
Sun also rushed to reassure affected clients that HTX's support service is ready to review each case individually and assist with fund withdrawals. However, a legitimate question arises here: to what extent do these promises align with actual practice?
Where the statements diverge from the facts
An analysis of Binance's official notice shows that the exchange made no geographical exceptions. The document clearly states: operations with 11 restricted platforms, including HTX, may be suspended for all users without exception if suspicions arise regarding compliance violations.
Moreover, Sun's claim that HTX "does not operate" in the UK raises serious doubts. The Financial Conduct Authority (FCA) recorded 4.6 million visits to the HTX website from the UK in 2023—the sixth-highest figure among all crypto companies by British traffic. The exchange only closed registration for new UK users after a regulator lawsuit.
Notably, the statement about negotiations with British authorities is indeed confirmed: a moratorium is in effect at the High Court until August 25, and HTX is genuinely in dialogue with the FCA regarding illegal advertising. However, Sun did not specify which European body the negotiations are being held with.
The timeline is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium in London expires. This casts doubt on the possibility of a swift resolution.
My expert take: Sun's statement is a classic example of crisis management aimed at retaining users. However, discrepancies with Binance's official position and FCA data indicate that the problem runs deeper than just a regional restriction. I recommend that HTX users in the EU and the UK prepare for potential delays in fund withdrawals and closely monitor updates rather than relying on verbal assurances.