Justin Sun commented on Binance's blocking of HTX: restrictions and their real scale
HTX founder Justin Sun publicly responded to recent restrictions imposed by Binance, stating that they apply exclusively to users in the United Kingdom and the European Union. According to him, this is a targeted measure, not a global ban on interaction with the exchange.
The statement came on Friday evening — just a few hours after Binance sent out a notification about blocking operations with a number of platforms. Sun emphasized that he has already held talks with Binance representatives and that the restrictions do not affect clients from other regions. He also reported that HTX is actively negotiating with UK and EU regulators to resolve the situation.
Key statements from Sun
In his address, Sun noted: "I have discussed this matter with Binance, and it only concerns Binance users in the UK and EU. HTX does not operate directly in these jurisdictions, but we are already in talks with British and European regulators." He added that affected users can contact HTX support, and the exchange will help resolve issues on a case-by-case basis.
Discrepancies with Binance's official position
However, Binance's notification itself makes no mention of specific countries. The exchange warned all users that operations with restricted platforms may be suspended for compliance checks after the effective date. In total, Binance restricted 11 platforms, including HTX.
Sun's claim that HTX does not operate in the UK raises questions. According to data from the Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from the UK — the sixth-highest figure among crypto companies by British traffic. Moreover, HTX only closed registration for new UK users after a lawsuit from the regulator.
Information about negotiations with British authorities is confirmed: a moratorium is in effect at the High Court until August 25, and HTX is in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body the negotiations are being held with. The timeline is extremely tight: Binance will cut off HTX on August 23 — two days before the moratorium in London ends.
My analysis: The situation looks like a classic example of regulatory pressure, where Binance acts as a tool for compliance rather than the initiator of the conflict. However, Sun's statements about "targeted" restrictions appear to be an attempt to minimize reputational damage, especially given the scale of HTX's British traffic. In the coming days, we will likely see either an official settlement with the FCA or a further expansion of restrictions.