Sun refutes the global nature of Binance restrictions for HTX: analysis of statements and real risks
HTX founder Justin Sun rushed to reassure the market, stating that recent restrictions from Binance apply only to users in the United Kingdom and the European Union. However, the official Binance notice contains no geographic specifications, raising legitimate questions about the scope of the blocks and the fate of client funds.
The situation escalated amid an approaching deadline: Binance plans to impose restrictions on HTX as early as August 23. Sun, commenting on the situation on Friday evening, emphasized that he personally discussed the matter with Binance representatives. According to him, it concerns exclusively Binance clients within the jurisdiction of the UK and the EU. He also stated that HTX does not operate in these regions, but confirmed that negotiations with British and European regulators are already in an active phase.
Divergence in official positions
My analysis shows that Sun's statement contradicts the official Binance notice. The exchange did not single out any specific country, addressing the warning to all users. It clearly states that operations with restricted platforms may be suspended for compliance checks after the decision takes effect. In total, Binance has blacklisted 11 platforms, and HTX is just one of them.
Particular attention is drawn to Sun's claim that HTX does not operate in the UK. Data from the Financial Conduct Authority (FCA) for 2023 suggests otherwise: the HTX website was visited 4.6 million times from the UK, placing the exchange sixth in traffic among crypto companies. Moreover, HTX closed registration for new British users only after a lawsuit from the regulator.
Tight deadlines and uncertainty
The timing of events is extremely tense. Binance will cut off HTX on August 23—just two days before the moratorium expires at the High Court in London. This adds uncertainty, especially given that HTX is indeed in negotiations with the FCA to settle a dispute over illegal advertising. Sun, however, did not specify which European body the consultations are being held with.
My expert conclusion: Sun's statements look like an attempt to soften the informational blow, but they are not backed by documentary evidence. The market should prepare for potential service disruptions for users from other regions, as well as temporary freezing of funds during checks. I recommend that HTX clients withdraw assets in advance to decentralized wallets or alternative platforms to minimize liquidity risks in the coming weeks.