Sun refutes the global nature of Binance restrictions: HTX blacklist affected only the EU and Britain
HTX founder Justin Sun rushed to reassure exchange users, stating that the restrictions imposed by Binance are purely regional in nature and apply exclusively to clients from the United Kingdom and the European Union. However, Binance's own official notice lacks such geographic specificity.
This statement came on Friday evening—just a few hours after it became known that HTX had been added to Binance's "blacklist." Sun emphasized that he had personally discussed the situation with Binance representatives and received assurances that this was not a global block.
"I raised this issue with Binance. The restrictions only apply to Binance users in the UK and the EU. Huobi itself does not operate in these jurisdictions. Our negotiations with British and European regulators are already underway," Sun wrote on social media. He also added that affected clients can contact HTX support, and the exchange will help resolve issues on an individual basis.
Discrepancy Between Statements and Reality
However, Sun's statements raise a number of questions. Binance's notice, sent to all users, does not mention any specific country. The exchange only warned that transactions with restricted platforms may be suspended for compliance checks after the effective date. A total of 11 platforms were placed under Binance's restrictions.
Moreover, Sun's claim that HTX does not operate in the UK contradicts data from the local regulator. 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. Notably, HTX only closed registration for new UK users after a lawsuit from the regulator.
Nevertheless, information about negotiations with British authorities is confirmed. A moratorium is in effect at the High Court of London until August 25, and HTX is indeed in talks with the FCA regarding an unsettled advertising campaign. Sun, however, did not specify which EU body consultations are being held with.
The timeline is extremely tight: Binance will disconnect HTX on August 23—just two days before the moratorium in London expires. This creates additional pressure on both parties ahead of key negotiations.
My analysis: The situation demonstrates the growing fragmentation of the crypto market under regulatory pressure. Sun's attempt to present the restrictions as a local measure looks more like a PR move aimed at retaining the client base. However, real FCA data suggests the problem runs much deeper, and HTX will have to find a compromise with British authorities to avoid more serious consequences.