Binance called its restrictions for HTX "targeted": what awaits users
HTX founder Justin Sun has publicly responded for the first time to the exchange being added to Binance's "blacklist." According to him, the imposed restrictions are targeted and affect only users from the United Kingdom and the European Union. At the same time, the notification sent by Binance to clients contains no geographic specifics—it refers to all platform users.
Sun made this statement on Friday evening, just a few hours after Binance announced it would block operations with HTX. Commenting on the situation, he emphasized that he had already held talks with Binance representatives and that the restrictions apply only to jurisdictions where HTX does not actually operate. He also said the exchange is already in negotiations with UK and EU regulators over a global settlement of claims.
Discrepancies in Statements
However, Sun's statements raise a number of questions. The UK Financial Conduct Authority (FCA) previously recorded that in 2023, the HTX website was visited 4.6 million times from the United Kingdom—the sixth-highest figure among all crypto companies in terms of British traffic. Notably, HTX only closed registration for new British users after a lawsuit from the regulator.
Key point: Binance did not single out any country in its notification, instead warning all clients about a possible suspension of operations with restricted platforms for compliance checks. Moreover, Binance restricted operations with 11 platforms at once, not just HTX.
The timeline here is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium expires in the High Court of London, where HTX is contesting the FCA's lawsuit over illegal advertising. Sun confirmed talks with British authorities but did not specify which EU body consultations are being held with.
My analysis: The situation looks like classic regulatory pressure, where Binance acts as an enforcer rather than an initiator. For HTX, this is a serious blow to liquidity, even if the restrictions truly apply only to the EU and the UK. I recommend that HTX users from these regions withdraw their funds to cold wallets in advance—the August 23 deadline is already near, and promises of "individual assistance" from customer support are unlikely to compensate for the loss of access to the world's largest exchange.