Sun refutes the scale of the blockade: Binance restrictions for HTX will only affect the EU and Britain
HTX founder Justin Sun has issued an official statement aimed at calming panic among exchange users after Binance added HTX to its blacklist. According to him, the situation has a clear geographic focus and is by no means global in nature.
The comment came on Friday evening, just hours after Binance notified users of restrictions on operations with a number of platforms. Sun emphasized that he personally discussed the matter with Binance representatives and received assurances that the sanctions apply exclusively to clients within the jurisdiction of the United Kingdom and the European Union. He added that HTX itself does not conduct operational activities in these territories, and negotiations with British and European regulators are already underway.
Details of restrictions and Binance's position
Binance's official notice, however, does not contain any geographic clarifications. The exchange warned all users that operations with restricted platforms, which include 11 services on the list, may be suspended for compliance checks. This discrepancy in wording raises questions that require clarification.
Moreover, Sun's statement about "not conducting business" in Britain looks questionable in light of regulator data. The UK Financial Conduct Authority (FCA) previously reported that in 2023, the HTX website was visited 4.6 million times from Britain, placing the platform sixth in traffic among crypto companies. Only after the regulator's lawsuit did HTX close registration for new British users.
The very fact of negotiations with the FCA is confirmed: a moratorium is in effect at the High Court of London until August 25, and HTX is discussing issues related to illegal advertising with the regulator. Sun, however, did not specify which EU body the negotiations are being held with, leaving room for interpretation.
The time frame is extremely tight: Binance will disconnect HTX on August 23 — two days before the moratorium in London expires. This creates intrigue around whether the block is a preventive measure or part of broader regulatory pressure on the platform.
My analysis: Sun's public position looks like an attempt to manage reputational risks, but the discrepancies between statements and official regulator data are obvious. Investors should closely monitor the development of negotiations with the FCA, as the outcome of this case could set a precedent for the entire industry regarding operations in the European market.