Sun clarifies the situation: Binance's restrictions on HTX are merely a matter of regulation, not a global ban.
The situation surrounding HTX's inclusion on Binance's "blacklist" has taken an unexpected turn. HTX founder Justin Sun issued an official statement emphasizing that the restrictions apply exclusively to users in the United Kingdom and the European Union. This statement came just hours after Binance notified of blocked operations with several crypto platforms.
Sun's key comment
On Friday evening, Sun wrote on social media that he had already held talks with Binance representatives. According to him, this concerns only Binance clients within the jurisdiction of the UK and EU. "Huobi itself does not operate in these regions. Our negotiations with British and European regulators are already underway," he noted. Sun also assured that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis.
Where the statement diverges from reality
However, my analysis shows several contradictions in Sun's words. First, Binance's notice contains no mention of geographic targeting—it is addressed to all users without exception. The exchange warned that operations with restricted platforms may be suspended for compliance checks. Second, the claim that HTX does not operate in the UK looks dubious. According to UK regulator FCA data, in 2023 the HTX website was visited 4.6 million times from the United Kingdom—the sixth-highest figure among all crypto companies. The exchange only closed registration for new UK users after the regulator's lawsuit.
The statement about negotiations with British authorities, however, is confirmed. A moratorium is in effect in the High Court until August 25, and HTX is indeed in talks with the FCA regarding illegal advertising. At the same time, Sun did not specify which EU body consultations are being held with. The timeline is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium expires in London.
My conclusion: Sun's public stance is an attempt to manage reputational damage, but it does not fully align with the facts. The crypto industry is entering a phase where regulatory pressure forces even the largest exchanges to act selectively, and the information asymmetry between platforms and users is becoming a critical issue.