San refuted the global nature of Binance's restrictions: the limitations affected only the EU and Britain.
HTX founder Justin Sun has issued an urgent statement aimed at calming panic among the exchange's users. According to him, the sudden restrictions imposed by Binance, which became known on Friday evening, are targeted in nature and concern exclusively clients from the United Kingdom and the European Union. This is a fundamentally important clarification, since the official Binance notice, which I have analyzed, contains no geographical references and is addressed to the entire client base.
What exactly happened
Binance warned of a possible suspension of operations with 11 platforms, including HTX, to conduct compliance checks. The deadline is August 23, which creates an extremely tight timeframe. Sun, commenting on the situation, emphasized: "I have discussed this matter with Binance, and it only concerns Binance users in the UK and the EU. HTX itself does not operate in these jurisdictions. Our negotiations with British and European regulators are already underway."
However, my data indicates that Sun's position is not fully consistent with the facts. The UK Financial Conduct Authority (FCA) recorded 4.6 million visits to the HTX website from Britain in 2023 — the sixth-highest figure among all crypto companies. At the same time, HTX closed registration for new British users only after a lawsuit from the regulator. The very fact of negotiations with the FCA is confirmed — a moratorium is in effect in the High Court until August 25, and the subject of discussion is illegal advertising.
Sun also assured that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis. However, he did not specify which EU body negotiations are being held with, leaving questions regarding the completeness of the picture.
My analysis: The situation demonstrates the growing fragmentation of the crypto market under regulatory pressure. Even if Binance's restrictions are indeed regional in nature, the very fact of HTX being included on the "blacklist" is a signal of the largest exchange's tightening compliance policy. In the coming days, we will see either a quick resolution or a precedent that could change the rules of the game for all offshore platforms working with European clients.