San refutes the global nature of the Binance block: restrictions will only affect users from the UK and the EU
HTX founder Justin Sun has issued an official clarification regarding recent restrictions imposed by Binance, claiming they are not global but strictly regional in nature. According to him, the block applies exclusively to users from the United Kingdom and the European Union, not the entire client base of the exchange.
This statement came on Friday evening — just a few hours after Binance circulated a notice adding HTX to its list of restricted platforms. Notably, Binance's official announcement itself lacks any specifics regarding geographic targeting, which raises legitimate questions about the scope of the measures being applied.
Justin Sun's comment and his position
"I discussed this matter with representatives of Binance. The restrictions apply only to Binance users in the UK and the EU. Huobi itself does not operate within these jurisdictions. Meanwhile, negotiations with British and European regulators are already underway," Sun wrote in his account on social network X.
The founder of HTX also hastened to reassure affected clients that the exchange's support service is ready to assist in resolving any issues on an individual basis.
Analysis of discrepancies: statements versus facts
However, upon closer examination, Sun's statements raise a number of questions. First, Binance does not single out specific countries in its notice, addressing the warning to its entire user base. The exchange clearly warned that transactions with restricted platforms may be suspended for compliance checks after the measures take effect. In the same announcement, Binance restricted the activity of 11 platforms at once.
Second, the claim that HTX does not operate in the UK contradicts data from the local regulator. The UK Financial Conduct Authority (FCA) reports that in 2023, the HTX website was visited from the UK 4.6 million times — 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 filed by the regulator.
The statement about negotiations with British authorities, however, appears plausible. A moratorium is in effect in the High Court until August 25, and HTX is indeed in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body similar negotiations are being held with.
The timeline is extremely tight: Binance will cut off HTX from its services on August 23 — two days before the moratorium in London expires.
My analysis: Such discrepancies between statements from top management and documentary evidence are a troubling signal for the market. In conditions where regulatory pressure on the crypto industry is intensifying, transparency in communications becomes a critically important factor of trust. Investors should closely monitor the development of the situation, especially given that Binance is acting preemptively rather than reactively.