Sun refutes global blacklist: Binance restrictions on HTX only affect the EU and Britain
HTX founder Justin Sun stated that the exchange's inclusion on Binance's blacklist only affects users in the United Kingdom and the European Union, not all clients globally. This statement came in response to an official notice from Binance, which, however, did not specify any geographic restrictions.
Sun's comment appeared on Friday evening—just a few hours after Binance announced it would block operations with 11 platforms, including HTX. According to the founder, he has already held talks with Binance's management and found that the sanctions are targeted in nature.
Details of Sun's statement
"I discussed this topic with Binance, and it only concerns 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 wrote on social media.
He also added that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis. However, the timeline here is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium in effect at the High Court of London expires.
Where the statement diverges from the facts
In the official Binance notice, no single country is singled out—it is addressed to all users. The exchange warned that operations with restricted platforms may be suspended for compliance checks after the effective date.
Sun's second statement raises questions. The UK's Financial Conduct Authority (FCA) claims that in 2023, the HTX website was visited 4.6 million times from the UK—ranking sixth among crypto companies in British traffic. HTX only closed registration for new British users after a lawsuit from the regulator.
The claim about negotiations with British authorities is confirmed. A moratorium is in effect in the High Court case until August 25, and HTX is currently in talks with the FCA regarding illegal advertising. Sun did not specify which EU body the negotiations are being held with.
My assessment: Sun is trying to minimize reputational damage, but the discrepancy between his words and the text of Binance's notice is telling. Even if the restrictions do indeed only apply to the EU and the UK, the very fact that HTX has been blacklisted by the largest exchange is a warning signal for the entire industry. The issue is not geography, but the precedent: Binance is beginning to play the role of an informal regulator, and this changes the rules of the game for all platforms.