Sun refutes the global nature of Binance's restrictions on HTX: what is really happening
HTX (formerly Huobi) founder Justin Sun has issued an official statement regarding recent restrictions imposed by Binance. According to him, the block only affects users from the United Kingdom and the European Union, not all exchange clients. However, my analysis shows that Binance's official notice contains no geographical specifications, which creates grounds for discrepancies.
Sun made this statement on Friday evening — just a few hours after Binance announced the addition of HTX to its list of restricted platforms. The comment came amid the approaching August 23 deadline, when new rules take effect.
Sun's Position: Targeted Measures, Not a Global Ban
In his message, Sun emphasized that he personally discussed the situation with Binance representatives. "I discussed the topic with Binance, and this 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 stated.
The businessman also added that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis. This sounds reassuring, but let's examine how accurate it really is.
Discrepancy with Binance's Official Position
The key point: Binance did not single out any country in its notice and addressed it to all users. The exchange warned that transactions with restricted platforms may be suspended for compliance checks after the effective date. In total, Binance restricted 11 platforms, and HTX is just one of them.
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 regulator lawsuit.
The claim about negotiations with British authorities is confirmed. A moratorium is in effect at the High Court 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 ends in London. This creates a tense situation, and users should closely monitor developments.
My verdict: The situation looks like a classic conflict of interpretations. Sun is trying to soften the blow and localize the problem, but official documents suggest otherwise. I recommend that HTX users in the EU and the UK not rely on verbal assurances but instead independently verify the status of their accounts and prepare backup options for withdrawing funds. In the crypto industry, such "targeted" restrictions rarely remain targeted for long.