San refutes the global nature of the Binance block: restrictions will only affect the EU and Britain
Justin Sun, founder of HTX (formerly Huobi), has issued an official statement aimed at calming panic among exchange users. According to him, HTX's inclusion on Binance's blacklist is not a global measure but a targeted restriction that applies exclusively to clients from the United Kingdom and the European Union. Notably, the Binance notification sent to users contains no mention of geographic targeting—it is addressed to all clients without exception.
Sun emphasized that HTX does not conduct operational activities in the UK or EU, and therefore the restrictions will not affect the vast majority of users. He also stated that the exchange is already in active dialogue with regulators in both regions to resolve the situation.
Justin Sun's Comment
The statement came on Friday evening—just a few hours after Binance announced the block. In his X social media account, Sun wrote: "I discussed this issue with Binance. It only affects Binance users in the UK and EU. Huobi itself does not operate in these jurisdictions. Negotiations with British and European regulators are already underway."
He added that affected users can contact HTX support, and the exchange will assist in resolving issues on an individual basis.
Binance Restrictions and HTX's Position: Where Is the Truth?
The official Binance notification contains no mention of specific countries. The exchange warned that transactions with platforms on the list may be suspended for compliance checks after the measures take effect. Binance included 11 platforms on the blacklist in total, and HTX is just one of them.
However, Sun's claim about "not conducting business" in the UK looks questionable, to say the least. The Financial Conduct Authority (FCA) reports that in 2023, the HTX website was visited 4.6 million times from the UK—the sixth-highest figure among all crypto companies by British traffic. Moreover, HTX only closed registration for new British users after a regulator lawsuit.
Nevertheless, information 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 talks with the FCA regarding an illegal advertising campaign. Sun, however, did not specify which European body the negotiations are being held with.
The timeline is extremely tight: Binance will disconnect HTX on August 23—just two days before the moratorium in London expires.
My analysis: The situation shows how major exchanges are trying to balance between global liquidity and local regulation. The fact that Binance did not specify the geographic scope of the restrictions could be either a technical simplification or a signal of broader regulatory pressure. HTX users should closely monitor the progress of negotiations, but I see no mass threat to client funds outside the EU and the UK.