Justin Sun refutes the global nature of Binance restrictions for HTX: a detailed breakdown of the situation
HTX founder Justin Sun has issued an official clarification regarding recent restrictions imposed by Binance, stating that they affect exclusively users from the United Kingdom and the European Union. This statement came just hours after Binance published a notice about blocking operations with a number of crypto platforms, and directly before the deadline set for August 23.
Sun's Position: The Targeted Nature of the Sanctions
Sun emphasized that he personally discussed this matter with representatives of Binance. According to him, the restrictions are not global in scope and do not affect the interests of the majority of HTX clients. He also noted that HTX does not operate in the UK or the EU, and affected users can contact the exchange's support service to resolve issues on an individual basis.
"I discussed the topic with Binance, and it concerns only Binance users in the UK and the EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already underway," Sun stated.
Discrepancies with Binance's Official Position
However, my analysis shows that there are notable contradictions between Sun's statements and Binance's official notice. In its message, Binance does not single out specific countries or regions, addressing the warning to all users. The exchange directly warns that operations with restricted platforms may be suspended for compliance checks after the effective date. In total, Binance has blacklisted 11 platforms.
Sun's claim that HTX does not operate in the UK deserves particular attention. Data from the Financial Conduct Authority (FCA) suggests otherwise: in 2023, the HTX website was visited 4.6 million times from the UK, placing the platform sixth in British traffic among crypto companies. Notably, HTX closed registration for new British users only after a lawsuit from the regulator.
Negotiations with Regulators: Facts and Questions
Sun's statement about negotiations with British authorities is confirmed. A moratorium is in effect in 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, leaving questions about the scope and depth of these contacts.
The time frame is extremely tight: Binance will cut off HTX on August 23 — just two days before the moratorium expires in London. This creates a tense situation in which each side is trying to present events in a favorable light.
My expert conclusion: The situation demonstrates the growing fragmentation of the crypto market and increased regulatory pressure on major platforms. Sun's statements are likely aimed at reassuring users and preventing panic, but discrepancies with Binance's official position indicate that the real scale of the restrictions may be broader than publicly presented. Investors should closely monitor developments and consider the risks associated with potential delays in transactions between exchanges.