Justin Sun: Binance's Restrictions Against HTX Are a Targeted Strike, Not a Global Blockade
HTX founder Justin Sun has publicly responded to recent restrictions imposed by Binance, stating that they are targeted and apply exclusively to users from the United Kingdom and the European Union. This statement comes at a critical moment, with only days remaining until the deadline set by Binance.
In his statement, Sun emphasized that HTX does not conduct operational activities in the UK or EU, and that negotiations with regulators in these jurisdictions are already underway. He also assured that affected clients can count on individual support from HTX's user care team, which will help resolve any issues that may arise.
Analysis of contradictions and the real state of affairs
Binance's official notice, however, contains no geographical specifications and is addressed to all users. The exchange warned that operations involving the "restricted platforms list" may be suspended for compliance checks after the decision takes effect. In total, 11 platforms have been placed under restrictions.
Sun's claim about not operating in the UK raises questions. According to data from the UK Financial Conduct Authority (FCA), the HTX website was visited 4.6 million times from the United Kingdom in 2023. This figure places HTX sixth in British traffic among crypto companies. Notably, HTX only closed registration for new British users after a lawsuit from the regulator.
The statement about negotiations with British authorities is confirmed. 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 room for interpretation.
The timing of events is extremely tense: Binance will cut off HTX on August 23 — just two days before the moratorium in London expires. This creates additional pressure on the negotiation process and may be perceived as an element of strategic maneuvering in the market.
My view: The situation demonstrates the growing fragmentation of the crypto market and the intensification of regulatory pressure on global exchanges. Sun's statement is likely aimed at reassuring users and preventing panic, but the gap between Binance's official position and HTX's comments indicates the complexity and opacity of the ongoing processes. I recommend that users affected by these restrictions closely monitor official updates and plan their actions in advance.