San refutes the global nature of Binance restrictions for HTX: analysis of statements and real risks
HTX founder Justin Sun made an emergency statement aimed at calming panic among exchange users after Binance added HTX to its "blacklist." According to him, the restrictions are targeted and affect only clients from the UK and the European Union, not the entire global audience.
This statement came on Friday evening — just a few hours after Binance officially notified about blocking operations with a number of platforms, including HTX in that list. Sun emphasized that he had already held talks with Binance representatives and received clarifications on the matter.
Sun's key points and their background
In his address, Sun stressed that HTX does not operate directly in the UK or the EU, and therefore the restrictions cannot be aimed at all users. He also stated that negotiations with British and European regulators are underway, adding that affected clients can contact HTX support for individual resolution of issues.
"I discussed the topic with Binance, and this 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."
However, my verification shows that Sun's position diverges from official data. Binance's notification contains no geographic reference — the restrictions are addressed to all users without exception. Moreover, the exchange warned that operations with platforms on the list may be suspended for compliance checks after the decision's effective date.
Where statements diverge from facts
The claim that HTX does not operate in the UK raises serious doubts. According to data from the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited from the UK 4.6 million times — the sixth highest figure among all crypto companies by British traffic. Notably, HTX closed registration for new British users only after a lawsuit from the regulator.
As for negotiations with authorities, Sun's statements are partially confirmed here. A moratorium is in effect at the High Court of London until August 25, and HTX is indeed in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body consultations are being held with, leaving room for interpretation.
Analytical commentary
The situation is extremely tense: Binance will cut off HTX on August 23 — just two days before the moratorium in London expires. In my view, Sun's attempt to localize the problem is more of a PR move aimed at retaining the client base rather than a reflection of the real picture. Given the scale of British traffic to HTX, ignoring regulatory pressure from the FCA is fraught with serious consequences. I recommend HTX users closely monitor developments and not rely solely on public statements from management.