Sun breaks lances: Binance's restrictions on HTX turned out to be targeted, not global.
The sudden addition of HTX to Binance's "blacklist" caused quite a stir, but judging by Justin Sun's recent statements, the panic was premature. The founder of HTX was quick to clarify the situation, stating that the restrictions apply only to a narrow group of users, not the entire client base of the exchange.
Sun emphasized that this concerns exclusively residents of the United Kingdom and the European Union who use Binance's services. He noted that HTX, in essence, does not conduct active operations in these territories, so the block is more of a formal nature. Notably, Binance's notification itself contained no mention of geographic targeting, which gave rise to a wave of speculation.
Words vs. Official Data
However, Sun's claims about "not operating" in the UK contradict the facts. The FCA regulator recorded 4.6 million visits to the HTX website from UK territory in 2023. This is the sixth-highest figure among all crypto platforms in the country. Registration of new users from the UK was only suspended after the regulator filed a lawsuit. Currently, according to Sun, the parties are negotiating a settlement, and a moratorium is in effect in the High Court until August 25.
The most intriguing aspect is the timing. Binance will "cut off" HTX on August 23—exactly two days before the moratorium expires in London. A coincidence? Hardly. This looks like coordinated action or, at the very least, a clear signal to the market that HTX is under close regulatory scrutiny.
My Take on the Situation
Sun's attempt to present the restrictions as a local issue is a classic PR move aimed at reassuring the global audience. However, the discrepancy between his words and the FCA data undermines trust. Investors should remember: if Binance, the industry's benchmark for security, imposes restrictions, even targeted ones, it is always a worrying signal of regulatory risks. Given the tight deadline of August 23, the market will likely see a surge in volatility for assets associated with HTX, and I recommend caution in the coming days.