Justin Sun commented on Binance's restrictions for HTX: what this means for users
HTX founder Justin Sun stated that the restrictions imposed by Binance apply exclusively to users from the United Kingdom and the European Union. However, the official Binance notice listing 11 platforms with restrictions contains no geographical clarifications — this is a significant discrepancy that requires careful analysis.
The situation has escalated amid an approaching deadline: Binance plans to disconnect HTX from its services on August 23. Sun responded promptly on Friday evening, just a few hours after the notice was published, and rushed to reassure the community about the limited scope of the sanctions.
According to Sun, he has already held talks with Binance representatives, and the issue concerns only the exchange's clients from the UK and the EU. He also emphasized that HTX does not operate in these jurisdictions, and negotiations with British and European regulators are already in an active phase. Sun recommended that affected users contact HTX support for individual resolution of their issues.
Discrepancies between statements and reality
However, my colleagues and I see significant inconsistencies. First, the Binance notice makes no mention of specific countries — the restrictions are addressed to all users without exception. Second, Sun's claim that HTX does not operate in the UK contradicts data from the Financial Conduct Authority (FCA): in 2023, the HTX website was visited 4.6 million times from the UK, placing the platform sixth in traffic among crypto companies in the country. Registration of new British users was only closed after a regulator lawsuit.
As for negotiations with authorities, there is confirmation here: a moratorium is in effect at the High Court of London until August 25, and HTX is indeed in dialogue with the FCA regarding illegal advertising. However, Sun did not specify which EU body the negotiations are being held with, leaving questions about the completeness of the picture.
The timeline is extremely tight: Binance will cut off HTX on August 23 — just two days before the moratorium in London expires. This creates additional pressure on both sides.
My analysis: The situation resembles a classic conflict of interest in the crypto industry, where regulatory pressure forces exchanges to distance themselves from each other. I recommend that HTX users in the UK and the EU not rely on verbal assurances, but instead withdraw funds in advance or prepare for potential delays in withdrawals. Binance's transparency in this case appears more reliable than Sun's optimistic comments.